Errors and corrections to accounting records and financial statements

Question 1

Payments such as cheques sent to suppliers but not yet cleared by the bank (i.e. money has left the business).

Is this an uncleared payment or uncleared lodgement?

Answer 1

Uncleared payment

Question 2

Payments received by the business and debited to the cash at bank account, but which have not yet been ‘cleared’ by the bank and so do not yet appear on the bank statement.

Is this an uncleared payment or uncleared lodgement?

Answer 2

Uncleared lodgement