|
Making a Bank Deposit This Help File Page was last Modified on 05/18/2012
|
|
|
|
|
Making a Bank Deposit This Help File Page was last Modified on 05/18/2012
|
|
|
Making a Bank Deposit
This Help File Page was last Modified on 05/18/2012
|
Making a Bank Deposit This Help File Page was last Modified on 05/18/2012
|
|
|
|
|
Making a Bank Deposit This Help File Page was last Modified on 05/18/2012
|
|
|
| 1. | Receipts should be Deposited daily! |
| • | There is no sense in "holding checks until we have enough to deposit". |
| • | Your bank account's bank charges, and the interest earnings that help offset them, are determined by your average daily balance. |
| • | You don't get any credit for checks in your safe. |
| 2. | Each day's Receipts should be assigned a unique batch number - by default - the date's day number. |
| • | You may use multiple Batch Numbers within the same day to separate Credit Card transactions from Cash Receipts, and to separate those Receipts from EFT funds. |
| • | In some cases, you may use the same Batch Number for more than one day to group certain of these types of payments together. |
| ▪ | Batch Numbers may be assigned from 1 to 32637 (this limitation is a function of the field type into which you are entering this Batch Number). |
| o | You may start a new numbering sequence each month (using the current Date's Day number), so the same Batch Number will be used in multiple Months but the date will be different. |
| o | In some cases, you may use the same Batch Number for more than one day to group certain of these types of payments together. |
| o | You may use multiple Batch Numbers within the same day to separate Credit Card transactions from Cash Receipts, and to separate those Receipts from EFT funds. |
| o | You may start from 1 and increment the Batch Number perpetually (if you used 2 batch numbers for two deposits every day, 5 days a week, it would take over 60 years to use all of the numbers). |
| o | The down side of the second method is that you must keep track of the next number to be used. |
| o | Each month starts a new sequence so the same Batch Number will be used in multiple Months |
| ▪ | MKMS automatically records Receipts in an individual Month & Year group to keep them differentiated. |
| • | Print a Cash Receipts Report for the Batch Number being deposited. |
| 3. | Prepare your Bank Deposit Slip |
| • | Enter each Receipt item on the Deposit Slip. |
| • | Using an adding machine - with Tape - add up the Deposit Slip's total. |
| • | Compare the individual items and the Tape total with the individual items and Cash Receipts Report total. |
| • | Ensure all the items are entered correctly, after matching both lists. |
| 4. | Make the Bank Deposit |
| • | Attach the validated deposit slip to the day's Cash Receipt Report. |
| • | Save these together until you have Reconciled your Bank Statement. |