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To minimize the risk of theft of consumer remittances, the person who handles and deposits customer payments can also.

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To minimize the risk of theft of consumer remittances, the person who manages and deposits customer payments can also. Use of cash registers.

What is a Customer Deposit?

  • A customer deposit is cash settled to a company by a customer, for which the company has not yet provided goods or benefits in exchange.
  • The company has an obligation to provide the displayed goods or services, or to replace the funds.

What are customer deposits?

A customer deposit is a prepayment for the investment of future goods and services (unearned revenue). Overpayment of customer invoices (A/R) may also be regarded customer deposits because they are also thought unearned revenues.

To learn more about customer deposit, refer

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