Section 5-1: Cash Control Systems: Checking Accounts

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Cash Control and Banking Activities

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Presentation transcript:

Section 5-1: Cash Control Systems: Checking Accounts Most businesses make major cash payments by check. However, small cash payments for items such as postage and some supplies may be made from a cash fund kept at the place of business.

Terms A business form ordering a bank to pay cash from a bank account is known as a check. Checking Account- A bank account from which payments can be ordered by a depositor.

Terms Continued Deposit Slip – is prepared each time cash or checks are placed in a bank account. *Checks are listed on a deposit slip according to the bank number on each check

When we journalize… Cash receipts are journalized at the time cash is received. Later, the cash is deposited in the checking account. Therefore, no journal entry is needed for deposits because the cash receipts have already been journalized.

More Terms Endorsement- A signature or stamp on the back of a check transferring ownership. An endorsement should be signed exactly as the person’s name appears on the front of the check.

Types of Endorsements Blank Endorsement- An endorsement consisting only of the endorser’s signature. Special Endorsement- An endorsement indicating a new owner of a check (Pay to the order of…). Restrictive Endorsement- An endorsement restricting further transfer of a check’s ownership.

Final Terms Check stub – a business’s record of each check written for a cash payment transaction. Voided check – a check that contains errors. Write VOID across the check and the stub. See page 122 for steps… Postdated Check- A check with a future date on it.