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Cash Control and Banking Activities Mr. Belolan. Items to Consider… How do businesses protect their cash on a daily basis? –Consider….cameras, limit number.

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Presentation on theme: "Cash Control and Banking Activities Mr. Belolan. Items to Consider… How do businesses protect their cash on a daily basis? –Consider….cameras, limit number."— Presentation transcript:

1 Cash Control and Banking Activities Mr. Belolan

2 Items to Consider… How do businesses protect their cash on a daily basis? –Consider….cameras, limit number of handlers, use of a safe, deposits daily. –Bloomsburg shop anecdote –Truck stop anecdote

3 Other considerations… How does a business protect against illegal credit card usage? –Verifying signatures –Show ID

4 Basic Terms 1.Check -- written order of deposit telling bank to pay 2.Depositor -- a person or business with cash in the bank 3.Signature card -- signature of person on the account 4.Deposit Slip -- lists checks and currency to add to your account 5.Endorsement -- authorized signature on back of check

5 Terms Continued 1.Restrictive endorsement -- limits how a check can be handled “for deposit only” 2.Payee -- to whom a check is written 3.Drawer -- person who writes the check (paying the bill) 4.Drawee -- bank on which the check is written 5.Voiding Check -- never destroy, write VOID

6 Endorsements 1.Blank – simplest, just your signature 2.Restrictive –much safer, “For Deposit Only,” check must be deposited 3.Endorsement in full – used to transfer a check to another person

7 Bank Statements Details inflows and outflows for your account Outstanding Checks and Deposits –Not yet received by bank, but month has ended

8 Other Terms Stop Payment Order -- ask the bank to stop payment before check is cashed NSF Check -- Not sufficient funds EFTS -- Electronic funds transfer system

9 Concept Review 1.Why write “for deposit only” on a check 2.Why might my checkbook balance not match my bank statement? 3.Name an internal control of cash for a business


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