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6C: Financial institution deposit totals are balanced

with internal records

Another check that should be performed is to ensure that what is going to be taken
to the bank to be deposited matches the amounts recorded as being deposited in
the company's financial software.

There are several checks that can be undertaken in order to do this:


that the total amount to be paid in is the same as the total amount to be paid
in recorded in the general ledger/ finance software
that the total amounts for each type of deposit add up to the total amount to
be paid in recorded in the general ledger/ finance software
that the total amounts for each type of deposit are the same as the total
amounts for each type of deposit recorded in the general ledger/ finance
software

For example:

General Ledger
Cash Received

Invoice 091223 $250


Invoice 091267 $110

Invoice 091276 $90


Invoice 091256 $350
Subtotal $800
Credit card manual payments

Invoice 093124 $200

Invoice 091255 $590

Subtotal $790
Cheques

Invoice 091122 $230

Invoice 092124 $40

Subtotal $270

Total $1,860

Deposit Slip Totals for above General Ledger

Cash $800
Credit card manual payments $790

Cheques $270

Total $1,860

Now complete the learning task below. (called task 19


in the activities tab)
How can you ensure deposits taken to the bank match those from the internal
records?
1. You have been sked to check that the amounts being deposited in the bank and
the amounts that the internal records indicate should be banked are the same.
How would you do this?
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