Unit 4
Banking facilities
Following are the types of accounts-
- Savings Account
A Savings Account is a place to park or save your access funds and earn interest on it. You also get a wide range of services like debit cards, internet banking, online bill payments etc., with the account. There is no specific upper limit on the amount you can save. However, there the permissible transactions depend on the type of bank account you open. For instance, minimum balance requirements for regular Savings Accounts are significantly low compared to Privileged Savings Accounts. Banks offer several types of Savings Accounts like Joint Savings Accounts, Family Savings Accounts, Senior Citizens Savings Account, Kids Savings Account Etc.
2. Basic Savings Bank Deposit Account (BSBDA)
BSBDA is a type of savings account that does not require a minimum balance. That said, it comes with certain restrictions. For example, the maximum balance in the account should not be more than INR 50,000 at any time; or the total value of transactions should not exceed ten thousand rupees in a month. In doing so, the account ceases to be a BSBDA and will be converted to a regular savings account.
3. Current Account
Current accounts are used, mainly by business owners or corporations. Banks do not pay any interest on these accounts. There is no limit on the maximum amount of money you can hold in this account. Accountholders also enjoy a higher number of daily transactions. A prominent feature of the current account is the Overdraft Facility. This feature enables account holders to get access to a credit facility, even when your account balances are low. You can use the sums borrowed through the overdraft facility to fund your business needs.
4. Salary Account
As the name suggests, a salary account is where your employer credits your monthly salary. These accounts are opened by employers who typically tie-up with one bank and open accounts for all their employees. Salary accounts double as zero balance accounts since you can withdraw all the sums deposited in the account.
Fixed Deposit Account
A Fixed Deposit Account is a type of investment on which you can earn a fixed or steady interest rate and guaranteed returns on the amount invested. The only trade-off is that you have to fix or block the deposit amount is until maturity. Investment tenures for fixed deposits range from 7 days to 10 years. If needed, you can withdraw your FD before term by paying a premature withdrawal penalty. Fixed Deposits usually offer higher interest rates than a Savings Account and are considered safe investments for risk-averse investors.
If you prefer to save time and effort and open an FD account remotely, then download the Digi bank by DBS app right away!
Recurring Deposit Account
A Recurring Deposit (RD) gives you the flexibility to invest every month rather than investing a lump sum amount. Banks offer tenures usually from 6 months to 10 years. Unlike FD, where the interest gets credited every quarter or upon maturity, the interest is strictly paid upon maturity in an RD. You can set up standing instructions for your bank to debit the monthly RD amount. You must also maintain sufficient balances in your account so that the bank can debit the sums on your chosen date.
A passbook or bankbook is a paper book used to record bank or building society transactions on a deposit account.
The Post Office Savings Bank introduced passbooks to rural 19th century Britain.
Traditionally, a passbook is used for accounts with a low transaction volume, such as savings accounts. A bank teller or postmaster would write by hand the date and amount of the transaction and the updated balance and enter his or her initials. In the late 20th century, small dot matrix or inkjet printers were introduced that were capable of updating the passbook at the account holder's convenience, either at an automated teller machine or a passbook printer, either in a self-serve mode, by post, or in a branch.
CHEQUE BOOK- It is a small book or a document that orders the bank to pay some amount of money to the person(beneficiary) to whom the cheque has been issued by the account holder.
A cheque book is a folder or small book containing pre-printed paper instruments issued to checking account holders and used to pay for goods or services. A cheque book contains sequentially numbered checks that account holders can use as a bill of exchange. The checks are usually pre-printed with the account holder's name, address, and other identifying information. In addition, each check will also include the bank's routing number, the account number, and the check number.
A cheque book is comprised of a series of checks that can be used to make purchases, pay bills, or in any other situation that requires payment. With the advent of online commerce and banking, more people are making purchases and paying bills online, thereby reducing or eliminating the need for paper cheque books.
Cheque books include a set quantity of numbered checks and usually contain some type of register in which users can keep track of check details and balance account statements. Before being handed over in exchange for goods or services or any payment, a customer must fill out certain information on the check and then sign it. The information to be filled out includes the date, the name of the individual or business, and the amount of funds to be withdrawn.
ATM-It is a self-service outlet that you can use to withdraw money, check balance or even transfer funds. Different banks provide their ATM services by installing cash machines in different parts of the country. You can withdraw money from any of these machines irrespective of whether or not you are an account holder in the same bank.
Transactions are either free or bear a nominal charge depending upon the banks. You may not be charged for the first 3-5 transactions in a month or you may have to pay a nominal charge if you withdraw money from a bank ATM of which you are not an account holder.
Types of Automated Teller Machines (ATMs)
Automated Teller Machines (ATMs) are mainly of two types. One is a simple basic unit that allows you to withdraw cash, check balance, change the PIN, get mini statements and receive account updates. The more complex units provide facilities of cash or cheque deposits and line of credit & bill payments.
There are also onsite and offsite Automated Teller Machines: the onsite ATMs are within the bank premises, unlike the offsite ones which are present in different nooks and corners of the country to assure that people have basic banking facilities and instant cash withdrawals if they can’t go to a bank branch.
ATMs can also be categorized based on the labels assigned to them. Some of these labels are listed below-
- Green Label ATMs- Used for agricultural purposes
- Yellow Label ATMs- Used for e-commerce transactions
- Orange Label ATMs- Used for share transactions
- Pink Label ATMs- Specifically for females to help avoid the long queues and waiting time
- White Label ATMs – Introduced by the TATA group, white label ATMs are not owned by a particular bank but entities other than the bank
- Brown Label Banks- Operated by a third party other than a bank
MONEY TRANSFER-
Money transfer basically refers to the electronic transfer of money, initiated by one person to the other. With the facilitation of services like UPI, online banking, etc., the old-school methods of physically transferring money from one person’s bank account to the others through cheques, cash deposits at banks, etc. have been completely eliminated.
Online Money Transfer Methods
The various options through which users can make money transfer online are listed below-
NEFT
Regulated by the Reserve Bank of India, NEFT or National Electronic Funds Transfer is an electronic method of transferring money online. Most Indian banks provide the NEFT feature on internet banking and mobile banking. Money transfer made through NEFT does not require any additional transaction costs. Transactions made through NEFT are processed in separate batches. The RBI has specified a cut-off within which these transactions are settled.
IMPS
IMPS, fully formed as Immediate Payment Service, is a method to transfer funds immediately from one bank account to the other. Banks allow money transfer using IMPS through internet banking and mobile banking platforms. As the name states, IMPS is useful in case of immediate money transfer.
RTGS
RTGS stands for Real-time Gross Settlement, meaning that through this method, the money is transferred from one bank account to the other in real-time, without any delay. RTGS works out as the best payment method if you need to transfer an amount equal to or more than Rs. 2 lakhs in real time. RTGS does not follow any specific processing method unlike NEFT; hence, the funds are settled in real-time, without any delay. Through RTGS, each transaction gets processed with every instruction, which makes the money transfer process easier and faster.
UPI
Unified Payment Interface, or UPI is the most recent method of transferring money from one bank to another online. Introduced by NPCI (National Payments Corporation of India) and RBI (Reserve Bank of India), UPI money transfer eliminates the need for complex bank account details of the receiver in order to initiate money transfer. UPI ID, which acts as the virtual payment address and UPI PIN, which is the security password for confirming the transaction are the only things required to transfer money through UPI money transfer. UPI ID and UPI PIN should be created at the time of registration on the mobile payment’s application. After creating your UPI account, the money transfer process becomes possible with a few clicks.
Digital Wallet
To eliminate the effect of demonetisation from the country, multiple digital wallets have been introduced in order to facilitate online transactions. Digital wallets like Paytm, have become much popular owing to their multiple benefits. Money transfer made through digital wallets are free of cost, can be accessed 24*7, easy, and convenient.
Business abbreviations and acronyms are shortened versions of words and phrases used to convey meaning in a business or professional message or correspondence. Business abbreviations and acronyms can make it easy to send quick messages between colleagues and can help streamline communications in the office. For instance, if you want to write a quick message to your supervisor, it can be more efficient to write 'CEO' rather than writing out the whole phrase 'chief executive officer' when addressing your memo.
Common terms used in offices in day-to-day work are-
1. EOD
EOD stands for "end of day" and may typically be used in memos to convey deadlines or other processes that need to be completed by the end of the workday.
2. OOO
OOO stands for "out of office" and can be used to differentiate who is in the office and who might be absent.
3. BIT
BIT is short for "break it down" and may be used to identify components of a task that can be broken down into simpler, understandable parts.
4. ETA
ETA is an acronym that stands for estimated time of arrival."
5. EOM
EOM is short for "end of message" and can be used to signify the end of an email, text or other written message.
6. EOW
EOW stands for "end of week" and can be used similarly as the end of day" abbreviation.
7. EOT
EOT is an abbreviation for "end of thread" and can signify the end of an email, text or other communication thread, or conversation.
8. FTE
FTE is an acronym used to identify a full-time employee.
9. PTE
Similar to FTE, PTE is short for "part-time employee."
10. PTO
PTO stands for "paid time off" and is used to differentiate between an employee's paid vacation or personal days off and the paid sick leave they may be offered through their job.
11. COB
This business abbreviation stands for "close of business." COB typically refers to business processes being completed by 5 p.m. On business days.
12. IAM
IAM is short for "in a meeting" and can usually be used to convey a quick text or email message that may be necessary to send during important meetings and conferences.
13. POC
POC refers to "point of contact" and may be used to signify a specific individual that a business needs to communicate with.
14. MTD
MTD stands for "month to date" and can be used in financial memos to signify assets, profits, wages, revenue or other monetary values during a month-long period.
15. IMO
IMO is an acronym that is short for "in my opinion." A variation of this acronym is IMHO, or "in my humble opinion."
16. NRN
NRN is short for "no reply necessary" and can be used to let a message recipient know that a reply is not needed.
17. MoM
MoM is a business abbreviation that stands for "month over month." Typically, this acronym is used to refer to the percent change of growth from month-to-month when measuring a specific business metric like revenue or customer acquisition.
18. NIM
NIM stands for "no internal message" and may be applied to email messages with specific subject lines and no message content.
19. PA
PA stands for "performance appraisal."
20. NSFW
NSFW is short for "not safe for work" or "not suitable for work" and is used to identify messages and memos that are inappropriate for the workplace.
21. NWR
NWR is an acronym that stands for "non-work-related" and is used to differentiate between professional and personal communications.
22. RFD
RFD is short for "request for discussion" and may typically be used when specific tasks need further clarification.
23. LET
LET stands for "leaving early today" and may be used in memos as a reminder for when someone needs to leave work early.
24. FWIW
FWIW can be used as a stand-in for "for what it's worth." Oftentimes, these types of abbreviations are used to add clarifying messages to emails, texts or other memos.
25. KISS
KISS is an acronym that is short for "keep it simple, stupid" and may be considered an informal reminder to keep projects, tasks and other assignments from becoming overly complicated.
26. LMK
LMK stands for "let me know" and can be used to prompt employees to keep managers and supervisors updated on various business processes.
27. IOU
IOU is a simple acronym that stands for "I owe you."
28. ASAP
ASAP is a common acronym that stands for "as soon as possible."
29. OT
OT is short for "off-topic."
30. OTP
OTP can be used to let colleagues know when you are "on the phone."
31. RE
RE is another common business abbreviation typically used in the subject line of email messages. It stands for "referring to."
32. TL; DR
TL; DR stands for "too long, didn't read" and can be used to communicate with someone when their message is too long or complex to read within a brief time span.
33. TED
TED is short for "tell, explain, describe" and may be used for requesting more information about a project or task.
34. SME
SME is an abbreviation for "subject matter expert" and refers to someone who is an expert in their field.
35. CPU
CPU is a technical acronym that stands for "central processing unit."
36. VPN
VPN is short for "virtual private network."
37. QA
QA refers to "quality assurance" and can be used in a variety of different business applications where product or service quality is a top priority.
38. ISP
ISP is short for "internet service provider."
39. URL
URL is another technical abbreviation used to shorten the phrase "universal resource locator."
40. UX
UX stands for "user experience."
Postal Orders-
Postal orders are similar to cheques which can transfer up to £250. They’re slips of paper that allow money to be transferred without any specific financial information- so perfect for those who are reluctant to disclose their financial details or who don’t have a bank account.
There are two types of postal orders, those crossed and uncrossed. If a postal order is crossed then it can only be paid directly into a bank account or to pay a bill. In contrast, uncrossed postal orders can be exchanged for cash.
Cheques-
Crossed cheque
A crossed cheque is the type of cheque where the issuer makes two slightly bent, parallel lines on the top left corner of the cheque, with the word ‘a/c payee’ written. It means that the specified sum of the cheque, regardless of who is handing it over, will only be transferred to the individual/organisation whose name is mentioned as the payee. A crossed cheque is also safer because it can be cashed only at the payee’s bank.
Uncrossed Cheque-
An uncrossed cheque or an open cheque is a cheque that has not been crossed with two parallel lines on the top left corner. Such cheques can be encashed at any bank. You can collect the money for the cheque from the bank counter. It can also be transferred to the bank account of the person who presented the cheque.
Post-dated cheque
A post-dated cheque bears a date later than the date it was issued on. It can only be cashed after the date specified by the payer. The post-dated cheque can be valid after the mentioned date but not before it. Hence, even if it is presented to the bank, the bank will not process it until the mentioned date.
Pre-Dated Cheque
Pre-Dated Cheque is also a cheque with a different date than current date. In a Pre-Dated or Ante Dated Cheque, a total of six months can be pre dated. In case if the date is more than six months, that cheque becomes stale cheque Or Invalid.
Stale cheque
A stale cheque has already passed its validity date and can no longer be cashed. Currently, a cheque is considered valid until three months from its issued date.
Dishonoured Cheque-
Dishonoured cheques are cheques that a bank on which is drawn declines to pay. There are a number of reasons why a bank would refuse to honour a cheque, with non-sufficient funds being the most common one, indicating that there are insufficient cleared funds in the account on which the cheque was drawn.
References:
- Https://tyrocity.com/topic/importance-of-an-office/
- Https://www.yourarticlelibrary.com/office-management/office-management-and-its-importance/53154
- Https://www.londontfe.com/blog/Concept-and-importance-of-office-management
- Https://www.rcvacademy.com/office-meaning-modern-office-concept/
- Https://www.yourarticlelibrary.com/organization/organization-meaning-definition-concepts-and-characteristics/53217
- Https://www.yourarticlelibrary.com/office-management/organising/organising-meaning-process-principle/69776
- Http://egyankosh.ac.in/bitstream/123456789/33238/1/Unit-1.pdf
- Https://www.yourarticlelibrary.com/organization/departmentalisation/departmentalisation-meaning-need-and-types/70074
- Https://www.iedunote.com/departmentalization
- Https://www.businessmanagementideas.com/notes/management-notes/departmentation-management-notes/notes-on-departmentation-meaning-importance-and-basis-organisation/4979
Unit 4
Banking facilities
Following are the types of accounts-
- Savings Account
A Savings Account is a place to park or save your access funds and earn interest on it. You also get a wide range of services like debit cards, internet banking, online bill payments etc., with the account. There is no specific upper limit on the amount you can save. However, there the permissible transactions depend on the type of bank account you open. For instance, minimum balance requirements for regular Savings Accounts are significantly low compared to Privileged Savings Accounts. Banks offer several types of Savings Accounts like Joint Savings Accounts, Family Savings Accounts, Senior Citizens Savings Account, Kids Savings Account Etc.
2. Basic Savings Bank Deposit Account (BSBDA)
BSBDA is a type of savings account that does not require a minimum balance. That said, it comes with certain restrictions. For example, the maximum balance in the account should not be more than INR 50,000 at any time; or the total value of transactions should not exceed ten thousand rupees in a month. In doing so, the account ceases to be a BSBDA and will be converted to a regular savings account.
3. Current Account
Current accounts are used, mainly by business owners or corporations. Banks do not pay any interest on these accounts. There is no limit on the maximum amount of money you can hold in this account. Accountholders also enjoy a higher number of daily transactions. A prominent feature of the current account is the Overdraft Facility. This feature enables account holders to get access to a credit facility, even when your account balances are low. You can use the sums borrowed through the overdraft facility to fund your business needs.
4. Salary Account
As the name suggests, a salary account is where your employer credits your monthly salary. These accounts are opened by employers who typically tie-up with one bank and open accounts for all their employees. Salary accounts double as zero balance accounts since you can withdraw all the sums deposited in the account.
Fixed Deposit Account
A Fixed Deposit Account is a type of investment on which you can earn a fixed or steady interest rate and guaranteed returns on the amount invested. The only trade-off is that you have to fix or block the deposit amount is until maturity. Investment tenures for fixed deposits range from 7 days to 10 years. If needed, you can withdraw your FD before term by paying a premature withdrawal penalty. Fixed Deposits usually offer higher interest rates than a Savings Account and are considered safe investments for risk-averse investors.
If you prefer to save time and effort and open an FD account remotely, then download the Digi bank by DBS app right away!
Recurring Deposit Account
A Recurring Deposit (RD) gives you the flexibility to invest every month rather than investing a lump sum amount. Banks offer tenures usually from 6 months to 10 years. Unlike FD, where the interest gets credited every quarter or upon maturity, the interest is strictly paid upon maturity in an RD. You can set up standing instructions for your bank to debit the monthly RD amount. You must also maintain sufficient balances in your account so that the bank can debit the sums on your chosen date.
A passbook or bankbook is a paper book used to record bank or building society transactions on a deposit account.
The Post Office Savings Bank introduced passbooks to rural 19th century Britain.
Traditionally, a passbook is used for accounts with a low transaction volume, such as savings accounts. A bank teller or postmaster would write by hand the date and amount of the transaction and the updated balance and enter his or her initials. In the late 20th century, small dot matrix or inkjet printers were introduced that were capable of updating the passbook at the account holder's convenience, either at an automated teller machine or a passbook printer, either in a self-serve mode, by post, or in a branch.
CHEQUE BOOK- It is a small book or a document that orders the bank to pay some amount of money to the person(beneficiary) to whom the cheque has been issued by the account holder.
A cheque book is a folder or small book containing pre-printed paper instruments issued to checking account holders and used to pay for goods or services. A cheque book contains sequentially numbered checks that account holders can use as a bill of exchange. The checks are usually pre-printed with the account holder's name, address, and other identifying information. In addition, each check will also include the bank's routing number, the account number, and the check number.
A cheque book is comprised of a series of checks that can be used to make purchases, pay bills, or in any other situation that requires payment. With the advent of online commerce and banking, more people are making purchases and paying bills online, thereby reducing or eliminating the need for paper cheque books.
Cheque books include a set quantity of numbered checks and usually contain some type of register in which users can keep track of check details and balance account statements. Before being handed over in exchange for goods or services or any payment, a customer must fill out certain information on the check and then sign it. The information to be filled out includes the date, the name of the individual or business, and the amount of funds to be withdrawn.
ATM-It is a self-service outlet that you can use to withdraw money, check balance or even transfer funds. Different banks provide their ATM services by installing cash machines in different parts of the country. You can withdraw money from any of these machines irrespective of whether or not you are an account holder in the same bank.
Transactions are either free or bear a nominal charge depending upon the banks. You may not be charged for the first 3-5 transactions in a month or you may have to pay a nominal charge if you withdraw money from a bank ATM of which you are not an account holder.
Types of Automated Teller Machines (ATMs)
Automated Teller Machines (ATMs) are mainly of two types. One is a simple basic unit that allows you to withdraw cash, check balance, change the PIN, get mini statements and receive account updates. The more complex units provide facilities of cash or cheque deposits and line of credit & bill payments.
There are also onsite and offsite Automated Teller Machines: the onsite ATMs are within the bank premises, unlike the offsite ones which are present in different nooks and corners of the country to assure that people have basic banking facilities and instant cash withdrawals if they can’t go to a bank branch.
ATMs can also be categorized based on the labels assigned to them. Some of these labels are listed below-
- Green Label ATMs- Used for agricultural purposes
- Yellow Label ATMs- Used for e-commerce transactions
- Orange Label ATMs- Used for share transactions
- Pink Label ATMs- Specifically for females to help avoid the long queues and waiting time
- White Label ATMs – Introduced by the TATA group, white label ATMs are not owned by a particular bank but entities other than the bank
- Brown Label Banks- Operated by a third party other than a bank
MONEY TRANSFER-
Money transfer basically refers to the electronic transfer of money, initiated by one person to the other. With the facilitation of services like UPI, online banking, etc., the old-school methods of physically transferring money from one person’s bank account to the others through cheques, cash deposits at banks, etc. have been completely eliminated.
Online Money Transfer Methods
The various options through which users can make money transfer online are listed below-
NEFT
Regulated by the Reserve Bank of India, NEFT or National Electronic Funds Transfer is an electronic method of transferring money online. Most Indian banks provide the NEFT feature on internet banking and mobile banking. Money transfer made through NEFT does not require any additional transaction costs. Transactions made through NEFT are processed in separate batches. The RBI has specified a cut-off within which these transactions are settled.
IMPS
IMPS, fully formed as Immediate Payment Service, is a method to transfer funds immediately from one bank account to the other. Banks allow money transfer using IMPS through internet banking and mobile banking platforms. As the name states, IMPS is useful in case of immediate money transfer.
RTGS
RTGS stands for Real-time Gross Settlement, meaning that through this method, the money is transferred from one bank account to the other in real-time, without any delay. RTGS works out as the best payment method if you need to transfer an amount equal to or more than Rs. 2 lakhs in real time. RTGS does not follow any specific processing method unlike NEFT; hence, the funds are settled in real-time, without any delay. Through RTGS, each transaction gets processed with every instruction, which makes the money transfer process easier and faster.
UPI
Unified Payment Interface, or UPI is the most recent method of transferring money from one bank to another online. Introduced by NPCI (National Payments Corporation of India) and RBI (Reserve Bank of India), UPI money transfer eliminates the need for complex bank account details of the receiver in order to initiate money transfer. UPI ID, which acts as the virtual payment address and UPI PIN, which is the security password for confirming the transaction are the only things required to transfer money through UPI money transfer. UPI ID and UPI PIN should be created at the time of registration on the mobile payment’s application. After creating your UPI account, the money transfer process becomes possible with a few clicks.
Digital Wallet
To eliminate the effect of demonetisation from the country, multiple digital wallets have been introduced in order to facilitate online transactions. Digital wallets like Paytm, have become much popular owing to their multiple benefits. Money transfer made through digital wallets are free of cost, can be accessed 24*7, easy, and convenient.
Business abbreviations and acronyms are shortened versions of words and phrases used to convey meaning in a business or professional message or correspondence. Business abbreviations and acronyms can make it easy to send quick messages between colleagues and can help streamline communications in the office. For instance, if you want to write a quick message to your supervisor, it can be more efficient to write 'CEO' rather than writing out the whole phrase 'chief executive officer' when addressing your memo.
Common terms used in offices in day-to-day work are-
1. EOD
EOD stands for "end of day" and may typically be used in memos to convey deadlines or other processes that need to be completed by the end of the workday.
2. OOO
OOO stands for "out of office" and can be used to differentiate who is in the office and who might be absent.
3. BIT
BIT is short for "break it down" and may be used to identify components of a task that can be broken down into simpler, understandable parts.
4. ETA
ETA is an acronym that stands for estimated time of arrival."
5. EOM
EOM is short for "end of message" and can be used to signify the end of an email, text or other written message.
6. EOW
EOW stands for "end of week" and can be used similarly as the end of day" abbreviation.
7. EOT
EOT is an abbreviation for "end of thread" and can signify the end of an email, text or other communication thread, or conversation.
8. FTE
FTE is an acronym used to identify a full-time employee.
9. PTE
Similar to FTE, PTE is short for "part-time employee."
10. PTO
PTO stands for "paid time off" and is used to differentiate between an employee's paid vacation or personal days off and the paid sick leave they may be offered through their job.
11. COB
This business abbreviation stands for "close of business." COB typically refers to business processes being completed by 5 p.m. On business days.
12. IAM
IAM is short for "in a meeting" and can usually be used to convey a quick text or email message that may be necessary to send during important meetings and conferences.
13. POC
POC refers to "point of contact" and may be used to signify a specific individual that a business needs to communicate with.
14. MTD
MTD stands for "month to date" and can be used in financial memos to signify assets, profits, wages, revenue or other monetary values during a month-long period.
15. IMO
IMO is an acronym that is short for "in my opinion." A variation of this acronym is IMHO, or "in my humble opinion."
16. NRN
NRN is short for "no reply necessary" and can be used to let a message recipient know that a reply is not needed.
17. MoM
MoM is a business abbreviation that stands for "month over month." Typically, this acronym is used to refer to the percent change of growth from month-to-month when measuring a specific business metric like revenue or customer acquisition.
18. NIM
NIM stands for "no internal message" and may be applied to email messages with specific subject lines and no message content.
19. PA
PA stands for "performance appraisal."
20. NSFW
NSFW is short for "not safe for work" or "not suitable for work" and is used to identify messages and memos that are inappropriate for the workplace.
21. NWR
NWR is an acronym that stands for "non-work-related" and is used to differentiate between professional and personal communications.
22. RFD
RFD is short for "request for discussion" and may typically be used when specific tasks need further clarification.
23. LET
LET stands for "leaving early today" and may be used in memos as a reminder for when someone needs to leave work early.
24. FWIW
FWIW can be used as a stand-in for "for what it's worth." Oftentimes, these types of abbreviations are used to add clarifying messages to emails, texts or other memos.
25. KISS
KISS is an acronym that is short for "keep it simple, stupid" and may be considered an informal reminder to keep projects, tasks and other assignments from becoming overly complicated.
26. LMK
LMK stands for "let me know" and can be used to prompt employees to keep managers and supervisors updated on various business processes.
27. IOU
IOU is a simple acronym that stands for "I owe you."
28. ASAP
ASAP is a common acronym that stands for "as soon as possible."
29. OT
OT is short for "off-topic."
30. OTP
OTP can be used to let colleagues know when you are "on the phone."
31. RE
RE is another common business abbreviation typically used in the subject line of email messages. It stands for "referring to."
32. TL; DR
TL; DR stands for "too long, didn't read" and can be used to communicate with someone when their message is too long or complex to read within a brief time span.
33. TED
TED is short for "tell, explain, describe" and may be used for requesting more information about a project or task.
34. SME
SME is an abbreviation for "subject matter expert" and refers to someone who is an expert in their field.
35. CPU
CPU is a technical acronym that stands for "central processing unit."
36. VPN
VPN is short for "virtual private network."
37. QA
QA refers to "quality assurance" and can be used in a variety of different business applications where product or service quality is a top priority.
38. ISP
ISP is short for "internet service provider."
39. URL
URL is another technical abbreviation used to shorten the phrase "universal resource locator."
40. UX
UX stands for "user experience."
Postal Orders-
Postal orders are similar to cheques which can transfer up to £250. They’re slips of paper that allow money to be transferred without any specific financial information- so perfect for those who are reluctant to disclose their financial details or who don’t have a bank account.
There are two types of postal orders, those crossed and uncrossed. If a postal order is crossed then it can only be paid directly into a bank account or to pay a bill. In contrast, uncrossed postal orders can be exchanged for cash.
Cheques-
Crossed cheque
A crossed cheque is the type of cheque where the issuer makes two slightly bent, parallel lines on the top left corner of the cheque, with the word ‘a/c payee’ written. It means that the specified sum of the cheque, regardless of who is handing it over, will only be transferred to the individual/organisation whose name is mentioned as the payee. A crossed cheque is also safer because it can be cashed only at the payee’s bank.
Uncrossed Cheque-
An uncrossed cheque or an open cheque is a cheque that has not been crossed with two parallel lines on the top left corner. Such cheques can be encashed at any bank. You can collect the money for the cheque from the bank counter. It can also be transferred to the bank account of the person who presented the cheque.
Post-dated cheque
A post-dated cheque bears a date later than the date it was issued on. It can only be cashed after the date specified by the payer. The post-dated cheque can be valid after the mentioned date but not before it. Hence, even if it is presented to the bank, the bank will not process it until the mentioned date.
Pre-Dated Cheque
Pre-Dated Cheque is also a cheque with a different date than current date. In a Pre-Dated or Ante Dated Cheque, a total of six months can be pre dated. In case if the date is more than six months, that cheque becomes stale cheque Or Invalid.
Stale cheque
A stale cheque has already passed its validity date and can no longer be cashed. Currently, a cheque is considered valid until three months from its issued date.
Dishonoured Cheque-
Dishonoured cheques are cheques that a bank on which is drawn declines to pay. There are a number of reasons why a bank would refuse to honour a cheque, with non-sufficient funds being the most common one, indicating that there are insufficient cleared funds in the account on which the cheque was drawn.
References:
- Https://tyrocity.com/topic/importance-of-an-office/
- Https://www.yourarticlelibrary.com/office-management/office-management-and-its-importance/53154
- Https://www.londontfe.com/blog/Concept-and-importance-of-office-management
- Https://www.rcvacademy.com/office-meaning-modern-office-concept/
- Https://www.yourarticlelibrary.com/organization/organization-meaning-definition-concepts-and-characteristics/53217
- Https://www.yourarticlelibrary.com/office-management/organising/organising-meaning-process-principle/69776
- Http://egyankosh.ac.in/bitstream/123456789/33238/1/Unit-1.pdf
- Https://www.yourarticlelibrary.com/organization/departmentalisation/departmentalisation-meaning-need-and-types/70074
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