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South Carolina Balance Sheet Deposits
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Multi-State
Control #:
US-122-AZ
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Word;
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How to fill out Balance Sheet Deposits?
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FAQ
A bank's balance sheet is different from that of a typical company. You won't find inventory, accounts receivable, or accounts payable. Instead, under assets, you'll see mostly loans and investments, and on the liabilities side, you'll see deposits and borrowings.
A customer deposit is usually classified as a current liability, since the company typically provides services or goods within one year of the deposit being made. If the deposit is for a longer-term project that will not be resolved within one year, it could instead be classified as a long-term liability.
As is the case with every company, the balance sheet of the bank consists of two parts. The left-hand side or the assets side shows the possessions of the institution, the righthand side or liabilities side shows the debts.
Deposits as Assets When a business places a security deposit that is, it gives someone else money to hold against possible future charges the deposit is listed as an asset on its balance sheet.
However, for a bank, a deposit is a liability on its balance sheet whereas loans are assets because the bank pays depositors interest, but earns interest income from loans.
Deposits is a current liability account in the general ledger, in which is stored the amount of funds paid by customers in advance of a product or service delivery.
The deposit itself is a liability owed by the bank to the depositor. Bank deposits refer to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders the legal title to the cash, and it becomes an asset of the bank.
Cash and cash equivalents under the current assets section of a balance sheet represent the amount of money the company has in the bank, whether in the form of cash, savings bonds, certificates of deposit, or money invested in money market funds. It tells you how much money is available to the business immediately.
The volume of business of a bank is included in its balance sheet for both assets (lending) and liabilities (customer deposits or other financial instruments).
