Credit memos or credit memorandum are called credit memos because these are deposits made directly

by the bank to the company's account. These credits made by the bank increased the bank statement
balance and, therefore, should be added to the cash balance per books on order to obtain the correct
cash balance.

Debit memos or debit memorandum are called credit memos because these are charges to the
depositor's account made directly by the bank. Debit memos charged directly by the bank should be
deducted from the balance per books in determining the correct cash balance.

The company deposits its cash receipts in a bank checking account and writes checks to pay its bills.
Keep in mind, a bank account is an asset to the company BUT to the bank your account is a liability
because the bank owes the money in your bank account to you. For this reason, in your bank account,
deposits are credits (remember, liabilities increase with a credit) and checks and other reductions are
debits (liabilities decrease with a debit).

Deposits are credited to your bank account. The bank record the depositor's money as a liability because
the bank owes the money in your bank account to you. Liability account was used since liabilities
increase with a credit.

Bitcoin or cryptocurrencies is cannot be considered as a cash as defined by PAS 7 Statement of Cash

Flows as they cannot be exchanged for any goods or services. Meanwhile, under PAS 7 it is also cannot
be considered as cash equivalents because they are subject to inconsiderate price votality.