Handling Bank Transactions for your Business

simplyoj By simplyoj, 15th Sep 2010 | Follow this author | RSS Feed
Posted in Wikinut>Business>Accounting & Finance

Handling checks and bank transactions are one of the major core activities of a business.

Handling Bank Transactions for your Business

Bank Transactions

1. All cash and checks should be carefully accounted for and be deposited in the bank promptly.

2. When making deposit slips, ensure that the account number is correct and legible so that it will be credited to the correct account.

3. Inspite of bank security measures, a depositor should always be alert inside the bank, and be aware of any suspicious person

4. For cash deposits, make sure that you have the correct figures indicated on the deposit slips and the actual amount of the money before endorsing it to the bank teller.

5. Before leaving the counter, counter check if the transaction is properly being reflected on the passbook.

Handling Checks(or Cheques)

1. Every check should have the correct date, payee name, amount in figure and words, and signature. Any alterations should be countersigned by the issuer.

2. Once the check is with you, do not make any marks on it. the bank may not accept it without the proper signature of the issuer.

3. Never give a blank cheque to anyone, be sure of the payee name and write it down first before releasing it.

4. Reconcile checkbook balance with the bank statements. Notify the bank immediately if you seen any discrepancy.

5. Check endorsements at the back of the cheque are being made by the payee to encash it. Types of endorsements are either blank, full, and restrictive endorsements.

6. All cancelled checks should be attached to the check stub and filed for future reference.

Tags

Account, Bank, Business, Cash, Check, Cheque, Deposit, Finance, Financial, Money, Payee, Signature

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Comments

author avatar siboiss
15th Sep 2010 (#)

Somebody somewhere can use this information. Good stuff!

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