What Is Less Cash Received on a Deposit Slip?
Decode the "less cash received" line on deposit slips. Discover how this common banking feature works and how to accurately fill out your form.
Deposit slips are common forms used to record funds being placed into a bank account. They help ensure accuracy in transactions and provide a record for both the depositor and the financial institution. These slips typically include fields for essential information such as the account holder’s name, account number, date, and the amount being deposited, with sections for cash and checks.
Understanding “Less Cash Received”
“Less cash received” on a deposit slip refers to the portion of a deposit that is given back to the customer as cash rather than being added to their account. This functionality allows a depositor to receive immediate cash from a deposit, such as from a check, without needing to complete a separate withdrawal transaction.
This option is often used when an individual deposits a check but needs a certain amount of cash on hand for immediate expenses. For example, if a person deposits a payroll check for $1,000 but requires $100 in cash, they can use the “less cash received” feature to get that $100 directly. The remaining $900 would then be credited to their account.
Completing a Deposit Slip with “Less Cash Received”
To correctly fill out a deposit slip when utilizing the “less cash received” option, begin by listing all cash and individual checks intended for deposit in their respective sections on the slip. After itemizing these funds, calculate the total gross deposit amount by summing all cash and check entries.
Next, locate the specific line designated for “less cash received” or “cash back” on the deposit slip. On this line, enter the exact amount of cash you wish to receive back from the transaction. It is important to note that if you are requesting cash back from a check deposit, you may be required to sign the deposit slip on a signature line, if provided.
Finally, subtract the “less cash received” amount from the total gross deposit calculated earlier. The resulting figure is the net deposit, which is the actual amount that will be added to your bank account. Ensure this net deposit amount is clearly written in the “total” or “net deposit” section of the slip before presenting it to the teller along with your cash and checks.