A Transmittal Letter is kind of a cover letter that is sent with an actual letter. For example, a person sends a proposal letter to a company and attaches a Transmittal Letter with the actual proposal letter in order to summarize the proposal in a short sentence. This way we can say that transmittal letters… Read More »
Accounts receivable are the payments and amounts that a company will get from its clients and customers. For example, a company supplies orders to its customers on credit and as they agree to pay for the orders after some time, these customers are actually the accounts receivable. What is mean by Non-Recourse Accounts Receivable? These… Read More »
In the financial terms, a bad debt or non-collectible funds are the loans and debts that are not recoverable from the debtors and loaners. In simple words, when you give loan or credit to someone and later you discover that the debtor is bankrupt or can’t return the loan due to financial problems, you need… Read More »
Lease is a process of renting a place i.e. real estate property for business and commercial uses. In this process, the actual owner of the property lends the property to another person who uses it and pays money to the owner in exchange of the lease. Usually when the lease agreement is signed, the owner… Read More »
In simple words, a bank reference is a verification document sent by the bank to the account holder or another person or company who applied for the reference with consent of the account holder. This reference usually includes the verification of an individual’s account in the bank where on the other hand, this reference also… Read More »
When you use a credit card, each and every transaction and activity on your credit card is recorded in the credit report and it’s kept in the permanent record. This report includes the amount of credit that you have, the amount of credit that you usually use, the amount of credit that is available in… Read More »
Credit reference can be described as the habits of an individual or a company regarding the expenditures and pay backs of the loan and other debts. In simple words, when a person applies for a loan in a mortgage firm, the firm has to make sure first if the applicant will able to handle the… Read More »
Credit information is the record of all the activities happening on one’s credit card or credit account. If you use a credit card on daily life, each of the transaction made by you on the credit hard is recorded along with how much you spend each month, how soon or late you make your credit… Read More »
When a customer doesn’t pay the supplier in full and at once but makes the payments in small installments, these payments are known as partial payments. When a customer makes partial payment, the cash receipt shows that the customer has made the partial payment and there is still some amount left that he owes to… Read More »
When a client or customer owes money to a company i.e. supplier, the creditor or the person who wants the money or payment has the legal responsibility of informing the client about his late or overdue payment. This job is done with the presentment of payment demand letter. Usually companies send this letter via post… Read More »