Deposit In Transit
In order to construct accurate financial statements, accountants must often reconcile timing differences caused by factors such as deposits in transit. For example, a company may receive a $10,000 deposit in its bank account on December 31. However, the bank may mark the deposit as "pending" and not increase the account's balance by the $10,000 until it has finished processing it, several days later. Now suppose the company needs to report its cash balance as of the year end. In this case, it is proper to count this $10,000 deposit in transit as being in cash as of the year end, even though the bank did not post it to the balance until later.
Investment dictionary. Academic. 2012.
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