![]() If you set up a LLC or incorporate your business, this offers you legal protection in the event your business should go in bankruptcy. Perhaps a more important reason is to legally protect yourself. Another reason is the image it conveys of you as a business professional. The most obvious reason is so you can keep your books straight and not intermingle your finances. If you are a small business owner, there are a number of reasons why it is a good idea to keep two separate checking accounts: one for business check and one for personal checks. If an External Processing Code (EPC) is included in the MICR line, the Auxiliary On-Us field will appearto the left of it. Will appear in the leftmost position of the MICR line, before the routing number field. If a check includes an Auxiliary On-Us field, this information The Auxiliary On-Us field is an optional field on a business size check’s MICR line (the line of The most certain way to prevent a check from being converted is the presence of an Auxillary on-us field (Aux on-us), which is present only on business checks. There is no easy way to prevent a check from being converted to an ACH debit without your knowledge. It’s often better to have a copy of the paid check which can be retrieved for proof of payment or for other reasons. Often, businesses don’t wish their accounts to be debited electronically. Checks that are presented for payment may be converted to an ACH debit for payment. “Authorized Signature Only”, “Void in 90 days”, etc.)Īn even more important reason to use designated business checks is that they may be ineligible for automatic conversion, which provides even more safety and security.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |