Cash Letter
A group of checks accompanied by a paper listing sent to a clearinghouse, a Federal Reserve Bank, or another institution. A cash letter contains a number of negotiable items, mostly checks, accompanied by a letter that lists the amounts and instructions for transmittal to another bank. May also be called a transmittal letter.

Audit
A systematic review or examination of the assertions or actions of a third party to evaluate conformance to some norm or benchmark.

Balance Sheet
A statement listing a business's assets, liabilities, and net worth, or equity.

Compliance Audits
Compliance audits are internal or external audits performed to evaluate whether systems or processes are designed and operating effectively to ensure compliance with pertinent laws, rules, regulations, and internal policies and procedures

Receipt
A written record of a transaction.

Accounts Payable
Amounts that a business owes

Account
A collection of financial information grouped according to customer or purpose.

Ledger
A physical collection of related financial information, such as revenues, expenditures, accounts receivable, and accounts payable.

Double-Entry Accounting
A system of accounting that records each business transaction twice.

Accrual Method Of Accounting
Accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.