answersLogoWhite

0

Basically it means that the previous transactions are being brought forward. This is how the explanation reads (in fine print):

"When you next update your passbook, the first line that prints will be the net total of all transactions shown on the enclosed account recap. This total will appear as BIC (back item credit) or BID (back item debit) depending on whether the net amount is positive or negative."

User Avatar

Wiki User

15y ago

What else can I help you with?

Continue Learning about Accounting
Related Questions

What happens when you return an item purchased with a credit card?

When you return an item purchased with a credit card, the amount you paid for the item is typically refunded back to your credit card account. This process may take a few days to reflect on your credit card statement.


If you buy an item on a credit card pay off balance on credit card then take item back to store what happens?

It depends on the store's return policy,but in most cases your credit card gets credited with the amount of the returned item.


What is the process for returning an item purchased with a credit card?

To return an item purchased with a credit card, you typically need to bring the item and the receipt to the store where you bought it. The store will then process the return and refund the purchase amount back to your credit card.


Can you purchase an item with a credit card and then return it for cash?

No, you cannot typically purchase an item with a credit card and then return it for cash. Most stores will only refund the amount back to the credit card or provide store credit.


What does back item credit mean on your bank statement?

Back item credit on your bank statement typically refers to a transaction that has been reversed or credited back to your account, often due to an error or a refund. This can occur when a previously charged amount is canceled, or a merchant processes a refund for a returned purchase. It's essential to review the details of the transaction to understand the reason for the credit. If there are any discrepancies, it's advisable to contact your bank for clarification.


Can you get a cash refund when you pay for an item with a credit card?

It is dependent on the store that you purphased the item from. Some will allow you, others will not. Typically, they ask you for the credit card you used when you bought the item and refund the money back onto the card.


What does it mean when something is on back order?

When something is on back order it means the item ordered is out of stock. When the item is in stock again or available from the manufacturer it will be shipped as soon as possible.


Can you make returns on a credit card?

No, you cannot make returns on a credit card. When you return an item purchased with a credit card, the refund is typically issued back to the same card or as a store credit.


What does back item debit mean?

Basically it means that the previous transactions are being brought forward. This is how the explanation reads (in fine print): "When you next update your passbook, the first line that prints will be the net total of all transactions shown on the enclosed account recap. This total will appear as BIC (back item credit) or BID (back item debit) depending on whether the net amount is positive or negative."


In Poptropica if you buy a item in the Poptropica Store can you give it back and get your credits back?

You can't. The site does not have a policy allowing credit items to be exchanged.


Can you explain how a return works on a credit card?

A return on a credit card happens when you return a purchased item to the store. The store refunds the amount back to your credit card, reducing your balance. This can help you get your money back for items you don't want or need.


What happens if you return something you bought with a credit card?

When you return something you bought with a credit card, the amount you paid for the item is typically refunded back to your credit card account. This can help reduce your credit card balance or provide you with a credit for future purchases.

Trending Questions
What is cadi on my paycheck? What is current purchasing power accounting? What step should a management accountant take if established written policies provide insufficient guidance on how to handle an ethical conflict? Which parameters can you specify on a user profile in us bank aces? What is an ATM card? Is there a penalty for filing federal taxes late for a corporation or a LLC if they both were dormant in 2008? What is Customer Asset Management? Which metric is based on the relationship between the revenue produced by a specific customer the expenses incurred in acquiring and servicing that customer and the expected life of the relationshi? What is the importance of profit and trading and loss account? Where do you find your bank account registration number? How much money can an individual person give anotherindicual without being required to pay gift taxes or file a gift tax return in the state of Michigan? When common stock is issued in exchange for an asset that is not cash the transaction should be recorded at? Can a corporation without share capital be a CCPC? Your account is overdraft can you still cash a check? How do you change credit cards to another PayPal account when you don't know what account your card is bound to? What is the IBAN code OCBC? What is formula Budgets and cash flow forecasts? Under normal business operations a company's a company accounts receivable department is responsible for? Are donations considered a current liability? Can you give your property away owing taxes?