Spanish to English translations [PRO]
Bus/Financial - Finance (general) / Balance sheet | | Spanish term or phrase: intereses por descuento de efectos entidades de credito | | It appears on the debit side of a balance sheet |
| | | see explanation | Explanation:
What's happening here is the company received bills of exchange or similar notes ("efectos comerciales") payable at a future date, took them to the bank and got the money up front - i.e. "discounted" them. Obviously, the bank took its pound of flesh ("interest"). So it is something like "interest paid to banks for discounting bills of exchange". (It's not about securities.) |
| Selected response from:
 John Rynne
Local time: 07:25
| Grading comment Thanks, great explanation.
4 KudoZ points were awarded for this answer |
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| Discussion entries: 0 |
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Automatic update in 00:
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20 mins confidence:  
5 hrs confidence: peer agreement (net): +2 see explanation
Explanation:
What's happening here is the company received bills of exchange or similar notes ("efectos comerciales") payable at a future date, took them to the bank and got the money up front - i.e. "discounted" them. Obviously, the bank took its pound of flesh ("interest"). So it is something like "interest paid to banks for discounting bills of exchange". (It's not about securities.)
| John Rynne
Local time: 07:25
Specializes in field
Native speaker of:  English
PRO pts in category: 442
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| | Grading comment | Thanks, great explanation. |
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