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Each financial institution will have its own processes for taking deposits and these
processes are likely to differ slightly depending on the type of deposit being made.
For example, the information required when depositing a cheque will be different to
the information required when depositing cash. A finance payments clerk should
ensure that they understand their own companys policy and procedure for
depositing money as this should reflect the requirements of the company's financial
institution.
Depositing cash
When depositing cash a cash deposit form must be completed. It is advisable to
keep a supply of these forms at the business so that they can be filled out and
checked before they are taken with the cash to the bank.
Each cash deposit form must be completed with the:
details of the account the money is to be deposited into including:
account name
account BSB
account number
amount of cash being deposited-in words and numbers date the deposit is being
made
the signature of the person making the deposit
Depositing cheques
Cheques are treated in a similar way to cash but require a little more information as they
have to be physically exchanged with the issuing bank in order for the money to be
released. A cheque deposit form can usually accommodate the details of multiple
cheques.
The deposit slip that must be submitted with all of the actual, signed credit card
imprint vouchers provides the details of each of the transactions and a total. Details
usually include:
type of card
card number
date of transaction
amount of the payment
grand total
Explain why financial institutions require depositors of cheques provide a number of details on the
deposit form. List at least three details which are required.
. __________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
1. List five pieces of information typically needed on a deposit form when taking cash to a
bank.
i. _________________________________________________________________________________
ii. _________________________________________________________________________________
iii. __________________________________________________________________________________
iv. __________________________________________________________________________________
v. .
_________________________________________________________________________________
_.
2. You have the following items to bank. Complete the deposit form below for the
banking to occur.
Cash $ 3967.85, comprising 5x $100; 12x$50 23x$20, 17x$10, 1x$5, mixed coins
12.85, cheques from Hughes corp, Airlight Branch, United Bank = $1458.30; Arron Smith
Building Services, Commonwealth Bank, Rippoff Branch $ 683.25; IGOTTCHA clothing
stores, Superfund Banking Corporation, outtahere $78.45