Truncation: Difference between revisions
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imported>Doug Williamson (Expand for data truncation & link with Rounding page.) |
imported>Doug Williamson (Link with Substitute check page.) |
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== See also == | == See also == | ||
* [[Cheque truncation]] | * [[Cheque truncation]] | ||
* [[Substitute check]] | |||
* [[Rounding]] | * [[Rounding]] | ||
Revision as of 21:03, 4 April 2015
1.
Banking.
A procedure in which the physical movement of paper payment instruments (for example paid cheques or credit transfers) within a bank, between banks or between a bank and its customer is curtailed or eliminated, being replaced, in whole or in part, by electronic records of their content for further processing and transmission.
2.
The shortening of any piece of information, usually by removing the last part.
For example the number 9.876, truncated to one decimal place, would become 9.8.
It is not good practice to truncate numbers in this way.
It is normally better to round, if a simpler presentation is appropriate.
(9.876 would round to 9.88 or 9.9.)
