what are canceled checks?

Question

accounting

Answer 1

A canceled check is a check than has been cleared by the financial institution that hold the account against with the check was written.

As a matter of process, you write a check to another party. That party deposits the check with their bank. The bank sends a paper or electronic version of the check to the bank that holds the account against which you wrote the check. The bank verifies funds available and signatures, clears and transfers the funds, and then cancels the check. In the event that the bank is unable to verify the funds or signature, it returns the check unpaid.

Answer 2

Cancelled checks are those that have been through their respective clearing house, reached the bank, paid, then stamped with the bank's information on the back of the check.

In short........they are checks that HAVE ALREADY BEEN PAID !!

Answer 3

checks that have been paid by the bank are then canceled and just become a record of how much money was paid to whom on what date.

Answer 4

Assassinated Czeck Republicans.

Answer 5

That is an IOU that has been paid in full.