How to Fill Out a Business Deposit Slip

A business deposit slip is a specialized document used by businesses to record and submit funds to their bank accounts. It provides a detailed breakdown of the cash and checks being deposited, acting as a record-keeping tool. This slip helps businesses accurately track financial inflows and serves as proof of the transaction for accounting purposes.

Preparing for Your Deposit

Before filling out a business deposit slip, gather all necessary items. This includes the correct deposit slip, typically provided by your bank and often pre-printed with your business name and account number. All cash intended for deposit should be accurately counted and organized by denomination. Similarly, all checks must be properly endorsed and arranged.

Have your business’s exact bank account number and full legal business name readily available. Ensuring these details are accurate prevents potential delays or errors in processing the deposit.

Understanding the Deposit Slip Sections

A typical business deposit slip is structured to capture specific financial details. At the top, spaces are designated for the date of the deposit, your business’s bank account number, and name. These fields ensure the deposit is correctly attributed.

Below this, a line or section for “Cash” is where the total amount of currency being deposited is entered. A larger area is provided for listing individual checks, with each check’s amount entered on a separate line. Spaces may be available for check numbers or routing numbers to aid in identification. Following the individual check listings, a “Subtotal” line allows for the summation of all cash and checks.

A “Less Cash Received” line may be present if you intend to withdraw a portion of the deposited funds immediately. The “Net Deposit” line represents the total amount that will be added to your business account after any cash received is subtracted.

Completing Your Business Deposit Slip

To accurately complete your business deposit slip, begin by entering the current date in the designated date field at the top. Next, clearly print your business’s full legal name and bank account number in the spaces provided. Many deposit slips come pre-printed with this information, simplifying this step.

For cash deposits, count all currency and coins carefully, then enter the total amount on the “Cash” line. For example, if you have $350 in currency and $15.75 in coins, you would write $365.75 on this line. When depositing checks, endorse each check on the back. A restrictive endorsement like “For Deposit Only” followed by your business name and account number is recommended for security, preventing anyone else from cashing the check.

List each check individually in the “Checks” section, entering the amount of each check on a separate line. It is common practice to include the check number or the bank’s routing number next to each amount for better record-keeping. After listing all checks, calculate the sum of all checks and the cash amount, and write this total on the “Subtotal” line.

If your business intends to receive cash back from the deposit, enter that amount on the “Less Cash Received” line. For instance, if your subtotal is $1,500 and you need $100 in cash, you would write $100.00 on this line. Subtract the “Less Cash Received” amount from the “Subtotal” to arrive at the “Net Deposit” amount, which is the final figure to be credited to your account. This final amount should be written clearly in the “Net Deposit” field. Double-checking all calculations before submission helps ensure accuracy.

What to Do After Filling

After the business deposit slip is completed and all funds are organized, ensure every check has been properly endorsed. Checks made out to a business should be endorsed with the business name as it appears on the check, followed by an authorized signature and title, along with a restrictive endorsement like “For Deposit Only” and the account number. This helps prevent fraud and ensures the funds are credited to the correct business account.

Before submitting the deposit, make a copy of the completed deposit slip and all checks for your business records. This copy serves as proof of deposit and can be reconciled against your bank statements. Most banks provide immediate access to cash deposits and electronic payments on the next business day. For checks, funds are generally available the second business day after deposit, though larger amounts or new accounts may experience longer hold times, potentially up to seven business days. Finally, submit the deposit to your bank, whether in person at a teller window, via an ATM, or through a mobile deposit application.