A cheque written by a company but NOT yet presented to the bank for payment is called a cheque in transit.

Name: A cheque written by a company but NOT yet presented to the bank for payment is called a cheque in transit.
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A cheque written by a company but not yet presented to the bank for payment is called an outstanding cheque. A cheque in transit refers to a cheque that has been issued and recorded in the issuer's records but has not yet been processed by the bank.

A Cheque Written by a Company but NOT Yet Presented