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Those receipts which have been recorded in the company's book but are yet to be credited in the account by bank are termed as outstanding deposits.
They are used for bank reconciliations.
Ex : Firm received a cheque on 29th of the month. It recorded in its book as receipt and sent the check for collection. The check was collected on 1st of the next month by the bank. On 30th of the month while reconciling the company and pass book we shall note this receipt under outstanding deposits.
The amount of cash received by a company that is recorded on the company's general ledger even though the deposit may not yet appear as a credit in the company's bank account. Outstanding deposits are considered receivables on a company's balance sheet.
