Overview

in transit


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Quick Reference

Denoting goods or cash that have been sent by one part of an entity to another. Funds or goods in transit need to be accounted for. For example, if a branch of a company has remitted a cheque to its head office, which has not been received by the end of the accounting year, the accounts will need to be adjusted for cash in transit to ensure that they balance.

Subjects: Accounting.


Reference entries

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