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An Outstanding Deposit Is Also Knows As Deposit In Transit, When company receive cheque from their customer and immediately recorded in their book of accounts , after cheque the deposit cheque in the bank. amount appear in bank account in later dates.
An outstanding deposit refers to a company's receipts (cash, checks from customers, etc.) which have been recorded by the company, but the amount will appear on its bank statement at a later date. An outstanding deposit is also known as a deposit in transit.
A deposit is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder.
An outstanding deposit is called deposit in transit. It is a reciept by the bank cash or cheque which was recorded by the company or individual but will appear in the bank statement in a later date.
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