Keeping track of your balance and your books requires a lot of work. You need to take into account the timing of transactions and the fees associated with each type of customer payment.
Watch the video to learn more about Money Management and Minimizing Fees, then test your knowledge at the end of the lesson.
What type of complex transaction can take time to process and potentially mess up your ledger?
A. Cash transaction
B. Direct deposit
C. BillPay
D. ACH payment
Debit purchases can take a day for funds to process, while credit card purchases can take:
A. Up to 3 days
B. Up to 5 days
C. Up to 7 days
D. Up to 1 month
It’s best practice to combine your payroll account with your operating account so you can streamline activity.
A. True
B. False