Check: A written order to a bank to pay the stated amount to the person or business (payee)named on the check. Canceled check: A check that bears the.

Slides:

Advertisements

Similar presentations

Check Writing All About Checks.

Advertisements

How to Write a Check Adam. What Are Checks Checks are like cash, except the money comes out of your bank account via check. With checks, there is a checkbook,

Warm-up: April 11 What’s the difference between a checking and savings account?

Chapter 9 Review. Parts of a Check 7 89 Date line Payee Numeric amount Written amount Memo Signature Check # Bank routing and account #’s.

Chapter 5, Section 1 Checking Accounts

4.02 C Check Writing & Endorsements

Checks Legal documents that function like cash Bounced check – a check written for more than what is currently in the account.

Writing a Check To pay for items using a checking account A check is given as a form of payment Must be completed and given to the person or business.

Checking Accounts and Other Banking Services

7.2 Use Your Checking Account Goals: ◦Understand the purpose of a checking account. ◦Demonstrate how to write, endorse, record, and deposit checks. ◦Identify.

Understand how checking accounts work. Complete a check register. Slide 1 OBJECTIVES.

Money on demand! The Checking Account

Checking Accounts and Banking Services

Check Writing All About Checks. Check Writing Checks include the following information:

Checking Accounts & Other Banking Services Business Department Mrs. Pollison.

FINANCE Chapter 9 Checking Accounts and Other Banking Services.

Common payment services What are the common payment services provided by financial institutions? 1.

Checking Accounts and Other Banking Services

Consumer Math How to Write a Check.

Checking Accounts & Banking Services. Purpose Checking account: an account that allows depositors to write checks to make payments Check: written order.

Checking Accounts Chapter 9. Basics Check: ▫Written order to bank to pay the amount stated to the person or business named on it. Demand deposit: ▫Money.

Checking Accounts Money Management Chapter 9 Notes

Accounting Chapter 5 1 CASH TRANSACTIONS Money = cash in accounting Businesses have large volumes of cash transactions both paid out and received Large.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 5-1 Checking Accounts.

Check Writing All About Checks.

Chapter 10 Banking.

Checking Accounts & Banking Services

Chapter 9 CHECKING ACCOUNTS. Financial institutions (like banks and credit unions) offer a number of services. Can you name a service?

Managing Your Money with a Checking Account

Check Writing All About Checks. Check Writing Checks include the following information:

1 Cheques and Bank Statements. Cheques Date Indicates the date the cheque can be cashed Post-dated cheques are written in advance Identification Numbers.

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Checking Accounts 9.

Part 3: Check Writing Dollars & Sense. Tips for Good Check Writing 1. Write checks in ink. 2. Only write checks if you have money in account to cover.

Chapter © 2010 South-Western, Cengage Learning Checking Accounts and Banking Services Checking Accounts Checkbook Practice 9.

Chapter  Convenient  Safe  Proof of payment  Record for financial management.

Chapter 9 – Checking Accounts & Banking. Checking Account Check: written order to a bank to pay a specific amount to a person/business (payee) Canceled.

Types of Negotiable Instruments

Financial Services and Institutions Name_____________________________ 1.

PRODUCTS OF BANKING. Endorsements Before you cash, deposit, or transfer a check to someone else, you must first endorse the check. Endorse: to sign your.

Checking Accounts and Other Banking Services Understanding and Managing.

CHECK INDORSEMENTS. BLANK INDORSEMENT  The simplest kind of indorsement  Only contains a signature of the indorser and there are no additional words.

Checking and Banking

Cash controls and banking activities

CHECKING ACCOUNT Parts of a Check

PARTS OF A PAYCHECK. Parts of a Check ■Check Number –Checks are numbered for easy identification ■ABA Number –The American Bankers Association (ABA) number.

$0.01 $1 $5 $10 $25 $50 $75 $100 $200 $300 $400 $500 $750 $1,000 $5,000 $10,000 $25,000 $50,000 $75,000 $100,000 $200,000 $300,000 $400,000 $500,000 $750,000.

Check Writing All About Checks. Check Writing Checks include the following information:

Checking Accounts and Banking Services

0 Glencoe Accounting Unit 2 Chapter 11 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 11 Cash Control and Banking Activities.

Chapter 9 Checking Accounts and Other Banking Services.

Checking Account and Banking Services. Objectives Understand the purpose, uses, and advantages of a personal checking account. Understand the purpose,

GLENCOE / McGraw-Hill. Cash Receipts, Cash Payments, and Banking Procedures.

Cash Receipts, Cash Payments, and Banking Procedures Section 3: Banking Procedures Chapter 9 Section Objectives 8.Write a check, endorse checks,

Banking Procedures Chapter 11, Section 1. Internal Controls steps business itself takes to protect cash and other assets ► Limit people who have access.

MYPF 5.1 Checking Accounts 5.2 Banking Services and Fees

Parts of a Paycheck.

Check Writing All About Checks.

Check Writing All About Checks.

Check Writing All About Checks.

Check Writing All About Checks.

Chapter 9: Checking Accounts and Other Banking Services

Check Writing All About Checks.

LESSON 5-1 Checking Accounts

Checking Account Check: written order to a bank to pay a specific amount to a person/business (payee) Canceled check: a check that has cleared the bank’s.

Check Writing All About Checks.

Check Writing All About Checks.

Endorsing A Check.

Section 5-1: Cash Control Systems: Checking Accounts

Balancing a Checkbook UNIT FOUR.

Presentation transcript:

Check: A written order to a bank to pay the stated amount to the person or business (payee)named on the check. Canceled check: A check that bears the bank’s stamp, indicating that is has been cleared. Overdraft: A check written for more money than your account contains. Floating a check: Writing a check knowing you do not have sufficient funds in your account.

Complete a checking account application You must fill out a signature authorization form.

1. Check Number 2. ABA Number (American Bankers Association): Top half of the fraction identifies the location and district of the bank. Bottom half helps in routing the check to the specific area in which the check is drawn. 3. Maker’s pre-printed name and address 4. Date

5. Payee: the person to whom the check is made payable. 6. Numeric amount 7. Written amount 8. Drawer or maker: the person authorized to write the checks on the account. 9. Account number: consists of 3 different sets of numbers. First set: Bank’s identification code Second set: Account number of the maker Third set: Pre-printed check number 10. Memo

Blank endorsement: The signature of the payee written exactly as his or her name appears on the front of the check. Special endorsement: Transfers the right to cash the check to someone else. Consists of the words “Pay to the order of (new payee’s name)” and the original payee’s signature. Restrictive endorsement: Restricts or limits the use of the check. “For deposit only in the account of John Smith”