16:13
@baddestbunny: I did not see that comment. Sorry about that. I listen to war and peace whenever I want to fall asleep. I used to listen to more audiobooks for school. I really don't anymore but most of my political theory was learned via audiobooks. Like the basics. Schmitt, Locke, Mills, Thoreau, Aristotle, Plato, etc.
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LSDefine
Simple English definitions for legal terms
clearing account
Read a random definition: cash or deferred arrangement
A quick definition of clearing account:
A clearing account is a type of bank account that is used to temporarily hold money that will be transferred to another account before the end of a certain period of time. It's like a middleman between two accounts, making sure that the money gets to where it needs to go.
A more thorough explanation:
A clearing account is a type of bank account that is used to temporarily hold funds that will be transferred to another account before the end of an accounting period. This account is usually used for transactions that involve multiple parties or accounts.
For example, let's say that a company has two bank accounts: Account A and Account B. The company receives a payment of $1,000 from a customer, but the customer accidentally sends the payment to Account A instead of Account B. In order to transfer the funds from Account A to Account B, the company would use a clearing account to temporarily hold the $1,000 until it can be transferred to Account B.
Another example of a clearing account is when a company processes payroll. The company may use a clearing account to hold the funds that will be used to pay employees until the actual payments are made. This allows the company to ensure that all of the necessary funds are available before making the payments.
These examples illustrate how a clearing account can be used to temporarily hold funds that will be transferred to another account. This helps to ensure that transactions are processed accurately and efficiently.