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  3. Glossary of Key Terms in MikesBikes Accounting
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  3. Glossary of Key Terms in MikesBikes Introduction
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Overdraft

An overdraft is a short-term loan from the bank which allows your firm to borrow extra money to cover costs when your cash balance has reached zero.

If you are using your overdraft, the amount will be classified as a Current Liability on the Balance Sheet for your firm.

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