While a cashless society might be the futurists' ideal scenario, retail business owners know there are plenty of people who still use money and checks to make their daily purchases. If you have any type of store or restaurant, it's likely that you have a pile of checks and cash to deal with at the end of every business day. Your bank or financial institution will want you to fill out business deposit slips to go with all your deposits. This provides a record that safeguards both you and the bank in case of accounting errors.
Best Practices for Cash Handling
Unless you are an owner-operator with no employees, it's crucial that you practice dual custody when it comes to all cash-handling procedures. This means that whenever you are counting out money for its final destination (or to hand it over to someone else, as in a cash drawer), you should always include two people to count and verify totals with each other.
Once you have the money counted and the cash deposit slip filled out, place it in a deposit bag and lock it. Never leave loose cash in a desk drawer or other hiding place without recounting the entire amount. Once you've locked the bag, check the lock to make sure it can't be forced open. This will ensure that the amount of money you counted is the same amount of money that will arrive at the bank when you make the deposit.
Use the Right Business Deposit Slips
Almost all banks and financial institutions will provide preprinted business deposit slips for your business. Most of them will charge for this service, so you may want to shop around online to see if you can order less-expensive versions by email. Whatever the source, deposit slips should include your business name and address and your bank's information, as well as your account number and bank routing number.
Completing Business Deposit Slips
Fill out the blank lines on the slip that are provided for cash and checks. Begin with cash, which will be indicated on the top line. Write the total, including dollars and cents. Double check to make sure you have the correct amount written on the slip.
Listing checks on a deposit slip can be tedious, especially if your business takes in large numbers of them each day, but it's important for you to enter each individual check. Your deposit slip will have a small number of lines on the front for entering checks along with a larger number of lines on the back of the slip. Enter checks on the front of the slip until you run out of spaces and then continue by using the back.
Below the final space for checks on the front is a spot for the check deposit subtotal. Add up the amount of all the checks you are depositing that day and enter that total in this space. Add this subtotal to the amount of cash in your deposit and place this final total at the bottom of the deposit slip in the space indicated for it.
Once you have the entire deposit slip filled out, sign your business deposit record book and have the person verifying your counts sign or initial it as well. Sign or stamp the back of all checks to endorse them. Place the deposit slip along with the endorsed checks and the cash into a deposit bag and lock it, placing it in a secure spot until you can make the deposit.