Making Money

what does mm mean in money

The funds for these types of accounts are also easily accessible through check writing and debit card ATM withdrawals. A money market account can be used to boost your savings rate and can be used alongside other saving tools. You can view and process MM placement deals for which the settlement status is pending.

  • This method of authorizing the deals can be quite cumbersome, especially if the volume of transactions is large.
  • ECN is an electronic system that matches buy and sell orders in the markets eliminating the need for a third party to facilitate those trades.
  • If you check this box then if one schedule is moved backward or forward in view of a holiday, the other schedules will be accordingly shifted.
  • You need to opt for ‘Settlement Required’ option if you check this box.
  • Thus, the bank would take out a short-term loan on the market and pay interest to the lender.

This option would work similar to the Include From Date option – that is interest would be calculated for the period between the start date and the end date of the schedule. This option would work similar to the Include To Date option – that is, interest would be calculated for the period between the start date and the end date of the schedule. Note that the amount, which you enter, would be taken to be in the currency that you specify as the deal currency. If the transaction is being uploaded from an external source, you can specify the identification for the transaction in the external source, as the external reference number.

Separate financial and managerial accounting

If you see an abbreviation that is confusing or unclear, please reach out to your local underwriter or branch for clarification, even if you are just asking for a friend. If you’re confused about the letter designations that stand for thousands and millions, you’re not alone.

This is the date on which the deal is agreed with the counterparty. You need to indicate how the system must consider the tenor basis upon which interest is computed over a schedule or interest period, in respect of the contract. During an upload, the credit lines for the given Counterparty, Product, Branch, Currency combination are fetched by the system. If there is only one credit line available, the system will display it here. If there are multiple lines found, the field will be left blank. If the deal amount is in foreign currency, the system displays the equivalent local currency amount. The slang “MM” is an acronym that can be used to represent many things depending on the situation and the context it is used in.


A deal on which the previous activity has been saved but not been authorized, can be modified. The details have been saved but not yet authorized when you realize that some of the details have been wrongly entered. You can unlock the contract make the modifications and Save it. The uploaded contracts can be amended by any valid user – the contract maker or others. Select this option to track receivables during manual liquidation. In case of manual payments, the system will display an override if sufficient funds are not available in the settlement account. If you say ‘Yes’ to the override, the system will mark the fund as a receivable amount.

The tax scheme cannot be changed at the time of deal processing. When a deal for which the repayment schedules were changed is rolled over, the new deal can have the repayment schedules defined for the product, or the schedules for the deal. When entering the details of a deal, you should specify the customer involved in the deal. The category of customers that can be counterparty to a deal is defined for the product. Specify the code of an authorized customer who falls into a category allowed for the product. The reference number of the contract that is being reversed and rebooked is displayed here. To enable amendment of MM Contract details Oracle FLEXCUBE will reverse the old contract and rebook a new contract with the old user reference number and external reference number.

Savings Rates

In finance and accounting, MM (or lowercase “mm”) denotes that the units of figures presented are in millions. Thus, MM is the same as writing “M multiplied by M,” which is equal to “1,000 times 1,000”, which equals 1,000,000 .

  • This will be available when you retrieve information on the deal.
  • Those rates are expressed per thousand and the MM denotes millions.
  • Some companies use K to represent a thousand, M for a million and B for a billion.
  • It is a combination of the branch code, the product code, the date on which the deal is booked and a running serial number for the booking date.
  • If your user profile has been granted the Auto-Auth privilege, such a deal gets authorized automatically after initiation.

A company should have a detailed record of how it spends its money daily, so it can go back and compare results to see if there has an impact on the current financial state of the company. This way, you’ll be consistently updated about the trajectory of your company and if—and where—you need to cut back on spending to increase profitability.

11.1 Invoking MM Affirmation Input Screen

At one time, “M” was the most common abbreviation for thousand in the banking world . Thus, a different abbreviation (“MM”) was needed for million. Around here people typically use “k” for thousand and “M” for million, but someone who wants to be absolutely clear that they mean million instead of thousand can use MM. The meaning of the word “million” is common to the short scale and long scale numbering systems, unlike the larger numbers, which have different names in the two systems. Spell “million” and “thousand.” Don’t try to abbreviate them.

what does mm mean in money

For example, one kilometer is abbreviated 1 km, and two kilometers is 2 km. Let’s take a look at the most often used measurement abbreviations and get a little insight into what does mm mean how these abbreviations are developed. When you’re reporting, be aware if you’re documenting internal or external expenses, so you can organize your workflow appropriately.

The different status codes applicable for a placement are defined for a product and it applies to the placement, by default. However, you can change the status for the contract through this screen. At the time of saving a money market contract, the system will pass a certain information about the money market contract to the FATCA accounts and obligations maintenance for the customer. What You Need to Know About Getting a Loan or Expanding Your Business Looking to grow your company or want input on the best business credit card options?

What does mm mean in slang?

MM stands for "merry meet," which is a way of saying, "welcome" to a group of people. It may also be used when parting with a group of people at the end of a conversation. You will most likely see it in online chatrooms or in text messages.

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