How to Fill Out a Deposit Slip for a Business

Completing a deposit slip accurately is an important financial task for businesses, ensuring funds are correctly recorded and applied to the proper accounts. This process provides a paper trail for all transactions, beneficial for internal record-keeping, reconciliation, and audits. Understanding how to fill out these slips correctly helps prevent processing delays and maintains the integrity of a business’s financial records. A well-executed deposit slip acts as a formal record, documenting the specifics of each deposit.

Gathering Essential Information

Before filling out a deposit slip, a business must compile all necessary financial details and physical items for the deposit. Begin by confirming the business’s full legal name and address, along with the precise bank account number where the funds will be deposited. Businesses typically obtain blank deposit slips directly from their bank or through pre-printed slips customized with their account information.

Next, accurately count all cash, separating bills by denomination and totaling the coins. For checks, each one should be reviewed to ensure it is properly made out to the business and endorsed. Record the details for each individual check, including the check number and the exact amount. Finally, calculate the total sum of all cash and checks to be deposited; this pre-calculation helps verify the accuracy of the deposit slip once it is completed.

Completing the Deposit Slip Fields

To fill out the deposit slip, enter specific details into designated fields. Write the current date on the slip. Locate the field for cash and enter the total currency amount that was precisely counted during the preparation stage.

For checks, each individual check amount should be listed on separate lines in the designated area. If there are more checks than available lines on the front of the slip, continue listing them on the back, then transfer the total from the back to a “total from other side” line on the front. After itemizing all checks, sum the cash and check amounts to arrive at a subtotal, which is then entered into the corresponding field. If the business intends to receive cash back from the deposit, the desired amount is entered in the “less cash received” field, and the final net deposit is calculated by subtracting this amount from the subtotal. If cash is being received, a signature is required on a specified line.

Finalizing Your Deposit

After filling out the deposit slip, verify its accuracy and prepare it for submission to the bank. Double-checking all entries is important, particularly the total deposit amount, to ensure it precisely matches the sum of the cash and checks being deposited. This verification step helps prevent discrepancies that could lead to processing delays or incorrect account balances.

Before delivering the deposit to the bank, make a copy of the completed deposit slip for the business’s internal records. This copy serves as tangible proof of the transaction, invaluable for reconciling bank statements, supporting accounting entries, or addressing any potential disputes. After verification and copying, organize the cash and checks with the completed deposit slip, often placing them securely in a bank deposit envelope or bag, ready for submission to the financial institution.