Do you remember the last time you stood in line at the bank to deposit a check or cash? You probably don’t, especially if you’re trying to switch the majority of your payment methods to digital banking. While it’s a great idea to have a secure and efficient digital payment method, there’s still some benefits to knowing how to properly process a manual payment at a bank. This article will discuss everything you need to know about deposit slips and how they can still be an asset to your business. In fact, after reading this article, you might find yourself rushing to order printed deposit slips online!
What is a Deposit Slip?
A deposit slip is a small piece of paper that you will use to deposit funds into a bank account. The deposit slip contains critical pieces of information such as the account number of the depositor, the date that the transaction occurred, the amount deposited, and the receiving account number.
A completed deposit slip is irrefutable proof that the deposit was accepted and processed by the bank.
How Do I Use a Deposit Slip?
When you enter a bank, the first thing that you need to do is find the deposit slips. Generally, there is a separate table that contains these slips, along with other paper documents that banks generally have, such as withdrawal slips and requests for bank statements. You should get a blank, clean deposit slip and properly fill out all the required information before taking it to the bank teller. Take note that you should write legibly and follow all the rules that the bank has in terms of filling out a deposit slip (using a pen, using a particular color of pen, etc.). Otherwise, your deposit slip might not be accepted by the bank teller.
As mentioned above, you should have several pieces of information ready, such as:
· The current date
· The name and account number of the receiving account
· The exact amount to be deposited
When you get to the teller, you will be asked how you want the breakdown of the amount to be deposited. You can deposit the amount in cash or checks. Once the teller has verified the amount to be deposited, the deposit slip will be processed and filed. Make sure to check whether the amount printed on the deposit slip accurately corresponds to the amount that you deposited.
The final deposit slip that you receive will only have the total amount deposited, however, the bank will keep records on the breakdown of the deposit. You can ask for a copy of these records for your own accounting purposes or if you have a dispute to settle in the future.
What are the Benefits of Using Deposit Slips?
There are three major benefits to using a deposit slip. First, you can use a deposit slip to arrange for a portion of the deposited funds as a cash back. You simply need to inform the teller that you need the amount as a cash back so that they can process it at the same time. This way, you can avoid having to line up again to get cash.
Second, a deposit slip acts as the bank’s “receipt” that the deposit was actually made and processed. It is irrefutable proof that the amount in question was received by the teller, verified, and deposited into the corresponding account. Having a deposit slip at your disposal is one of the best ways to settle bank disputes, such as the recipient claiming that they received the wrong amount or did not receive any money in their account at all. Deposit slips can be a valuable tool in helping prevent anyone from trying to commit fraud against your business.
Finally, having a hard copy of the processed deposit slip is a valuable document to have for accounting purposes. Deposit slips will give you a clear total of various amounts related to your business, particularly costs and gross profits. In fact, if you use deposit slips, it would be a good idea to ask for a copy for the deposit slip transaction from the bank once the process is completed. It will give you a clear breakdown of the deposited amounts, the date that the transaction occurred, and other valuable pieces of information. Having a hard copy of the deposit slip transaction allows you to store the event better in your memory for future use.