In today’s world, efforts are made to create a cashless society. However, there is a smooth flow of cash in the retail sector, and retail business owners know that may people use cash or checks for the purchase of their daily life goods. It is possible for you to deal with a pile of checks and cash in your daily business if you are running a retail business. And your bank wants you to fill your business deposit slip when you go to bank to deposit the cash or checks you receive from your customers. Filling business deposit slips safeguards both of you (you and your bank) if any accounting error happens.
Here are three useful tips for your help in filling your deposit slip:
1. Verify your cash in total
It is vital for you to have a dual custody when it comes to handling cash procedures unless you are the sole proprietor of your business with no staff. Here, it means you should include at least two people when you start counting your cash for depositing in a bank. Request the other to verify the amount with one another.
After the calculation of total cash, you can move forward to fill out the cash deposit slip. You can place the counted cash in a bag or suitcase, but avoid placing it in a desk drawer. Lock the bag/suitcase and check its locking again for your assurance. Take the amount to the bank for deposit.
2. Use the right slip to deposit your cash
Almost all the banks or financial institutes provide pre-printed business deposit slips for making a deposit. Your bank may charge you for providing such a deposit slip. Whatever the source of your business deposit slip is, it must have place for your business name with contact details and your bank’s information, along with bank routing number and your account number.
3. Fill the slip carefully
First of all, start filling the bank lines that are on the slip, which is available for checks and cash. You can start with cash that are indicated on the top line. Mention every detail (cents and dollars) and write the total amount. Do cross checking to be sure about the amount you have mentioned on the deposit form.
Making a list of checks on the form can be a daunting task if you accept checks in a large number in your daily business operation. However, mentioning every check is critical for you. First, enter your check details on the front and go to the back side if you find the associated space has small number of lines. On the front, your deposit slip will have a space below the final space. Use this to enter the subtotal and add this subtotal amount to final bottom amount on the back side.
Do your signature on the deposit record book and let the bank officer to verify the amount and sign you have disclosed. The staff will use an endorsement stamp to stamp your slip and will sign on the both sides of your slip. After the endorsement, take the slip and come back to your place.
Filling up business deposit slip is a critical work for you. For making your deposit slip form filling error free, engage a person for the verification of the counted amount, get the right depository form and mention every detail carefully. Do not forget to carry the slip with you after its endorsement done by a bank personal.