Chapter 6 Cash Control Systems. Checking Account Deposit Slip Check Stub Endorsements.

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Presentation transcript:

Chapter 6 Cash Control Systems

Checking Account Deposit Slip Check Stub Endorsements

Checking Account Deposit Slip Check Stub Endorsements

Whenever you have a deposit you have to fill it out also in your Checkbook so that things may stay in balance. Please look at page 120 in your textbook

Checking Account Deposit Slip Check Stub Endorsements Three types of endorsements examples page 121 Blank Endorsement − Only the endorsers signature Special Endorsement − Pay to the order of Restrictive Endorsements − Limits the use of the check to whatever purpose is stated in the endorsement

Writing a check

Please try problems on page124

Section 6-2 Bank Reconciliation

Bank Statement A financial form that tell you about What is happening in your account and gives you a balance.

You get this from checkbook Any charges the bank Charges you ATM etc Bank service charges This is the balance on Bank statement Deposit that have not shown up Checks you have written but not shown up This total=

Bank Service Charge Banks occasionally charge you for doing things at their bank this is one of the instances. Two places it has to be placed in order to make sure things are correct. Bank Check Stub

The amount of the service charge has to be written in on the Check Stub Service Charge

It also needs to be written in on the bank reconcilliation Service Charge

Dishonored Check When a check is written but there is not enough money in the bank to cash the check. It is also recorded in the Check Stub Dishonored Check

Nov. 29 Received notice from the bank of a dishonored check from Learn N Play$35.00, plus $15.00 fee total, $50.00 Memo 55 General JournalPage 1 Date Account TitleDoc NoPost RefDebitCredit Aug29Accts Rec. - Learn & PlayM55 50 Cash 50

Other methods of paying and receiving cash Electronic Funds Transfer EFT – automatically placed into your account Debit Card Automatically deducted from your account

Electronic Funds Transfer General JournalPage 1 Date Account TitleDoc NoPost RefDebitCredit Aug29Accts Pay - Kelson EntM Cash 350

Debit Card Transfer General JournalPage 1 Date Account TitleDoc NoPost RefDebitCredit Aug5SuppliesM12 24 Cash 24

Please work on page 134 Work together

Part 3 Petty Cash Is extra cash that we leave to someone to use for small items or items in case of emergency…….

Creation of the petty cash fund. We need to show that we took money out of our larger cash account and did something else with it. General JournalPage 1 Date Account TitleDoc NoPost RefDebitCredit Aug5Petty Cashc8 200 Cash 200

Petty Cash Slip 2.00 Supplies Petty Cash Drawer $200 Petty Cash Slip 4.00 Misc Petty Cash Slip 5.00 Supplies End of the month we find that: Supplies $7.00 Misc 2.00 Total of 9.00 So in our cash drawer we should $191 We have to replenish the drawer With the money missing.

Creation of petty cash General JournalPage 1 Date Account TitleDoc NoPost RefDebitCredit Aug1 Miscellaneous ExpenseC Supplies 7.00 Cash 9.00

Problem 6-1,2,3,4,5 Problem 6-2 computer