cheque-encashment

Vocabulary Word

Definition

'Cheque-encashment' refers to when you take a cheque to the bank and get cash. It's like trading your cheque for real money. Remember, you have to have the same name on the cheque as in your bank account.

Examples in Different Contexts

In banking services, 'cheque encashment' refers to the process of converting a cheque into cash at a bank or financial institution. A bank clerk might say, 'For cheque encashment, please present a valid ID along with the cheque for verification.'

Practice Scenarios

Banking

Scenario:

Having immediate access to your funds can be critical. It's advisable not to delay this step.

Response:

I should probably encash the cheque I received last week. It will ensure immediate availability of funds.

Accounting

Scenario:

We ought to keep tabs on all financial transactions to reflect accurate accounts. It helps in better financial planning.

Response:

I need to update the accounts to reflect last week's cheque encashment. It will show a clearer picture of the business capital.