Professional Documents
Culture Documents
calculations
Once the deposit slips for payments to be manually paid into a financial institution
have been prepared, they should be double-checked to ensure that they are
accurate and correct.
Typical problems
Problems in calculations can occur for a number of reasons. It might be that the actual
money received was recorded incorrectly; for example, if a customer paid $68 in cash
but it was mistakenly recorded as $70 then the accounts are always going to show as
being $2 short. Mistakes can also be made because people are careless or tired and data
entry errors are made. A data entry mistake that can happen easily is to misplace (or
leave out entirely) a decimal place. It is good process to recheck all calculations before
finalizing any documentation relating to financial matters.
Using a financial software package and/or a calculator can help to reduce the
chances of human error in performing the actual calculation but devices can only
work with the information that is entered into them. Thus, if an incorrect figure is
entered at the start, totals will always be incorrect. Initial data entry needs careful
attention to detail and a systematic approach in order to prevent problems. It is
necessary to develop a process which ensures correct entry of all data. A commonly
used systematic approach is to circle each amount on the hard copy as it is entered
into the software.
1. Oncethe amounts to be deposited at the bank have been calculated and checked
why should the banking documentation be checked to ensure that it balances with
the other financial records.
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2. In two sentences, describe one method you could use to ensure that the pay-in
documentation balances with the other financial records.
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