Accounting – Chapter 5 Cash Control Systems.

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Presentation transcript:

Accounting – Chapter 5 Cash Control Systems

ETHICAL DECISIONS: Business Codes of Conduct Read aloud “How Businesses Use Cash” Txtbk p. 118 Read Making Ethical Decisions: Business Codes of Conduct Merck Code of Conduct Activity: Read other company’s codes of conduct and compare and contrast them

5-1 Checking Accounts Checking account: a bank account from which payments can be ordered by a depositor Opening an account: Signature cards

DEPOSITS Txtbk p. 119 Deposit slips Vary by bank Checks are listed with their routing number 24- 108 Receive a receipt from bank w/ printed verification Deposits are recorded on a check stub Date Amount New balance Deposits are compiled cash receipts All journal entries for the receipts have been made previously

ENDORSEMENTS Txtbk p. 120 Endorsement – a signature or stamp on the back of a check transferring ownership Signature should be exactly as appears in payee line Followed by official signature Blank Endorsement – Only the endorser’s signature If lost or stolen, can be cashed by anyone in possession Special Endorsement – Indicates a new owner of a check “Pay to the order of” and name of new owner Can only be cashed by the person or business named Restrictive Endorsement – limits use of the check to purpose stated “For Deposit Only” Often a stamped endorsement Which has most security and would most often be used in transacting business?

CHECKS Txtbk pp. 121 Preprinted Numbered What is the benefit of having numbered checks? Help keep track of all checks to assure none are lost or misplaced Prepare check stub first, write check 2nd Why? Ensures that the check information is recorded

Preparing Check Stubs & Checks Txtbk pp. 121 The check stub: Amount Date Payee Purpose Amount of check written in words Calculate new balance The check: Do not postdate Amount in words Purpose of check

VOIDED CHECKS Txtbk p. 122 When to void a check How to void a check An error in preparing the check How to void a check Write VOID in large letters across the check stub and the check Recording a voided check In journal Date VOID in Account title Check # in Doc. No. Checkmark in Post. Ref. column Dash in Cash Credit Column Why can’t we just throw away a voided check?

PRACTICE! APP Problem: 5-1 WP pp. 93, Txtbk p. 123 HOMEWORK: OYO 5-1