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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Chapter 19 Banking Procedures
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Banking Online banking Mobile banking Automated teller machines (ATM) Telephone banking Mail banking
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Bank Accounts Checking Savings Overdraft checking Special checking
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Currency Paper bills and coins
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Types of Checks Cashier’s Certified Electronic Limited check Money order Postdated check Stale check Traveler’s check Voucher check
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Check Components Date Words of negotiability Payee Numeric amount Written amount Financial institution Signature
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Check Endorsement Blank endorsement – Signature only – Should not be used until check is about to be cashed Restrictive endorsement – Used to endorse checks as they are received – “Pay to the order of”
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Accepting Checks Do not accept: – Third party checks – Checks marked “paid in full” – Money order with more than one endorsement
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Common Check Writing Errors Written and numeric amounts do not match Wrong date Unsigned checks Signature does not match Alterations or modifications © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Preparing Checks Must have five essential factors – Date – Payee – Numeric and written amounts – Payer signature Must fill out check register
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Bank Deposits Sort and total currency Sort and enter checks Prepare the deposit slip
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Preparing the Deposit Slip
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Copyright ©2012 Delmar, Cengage Learning. All rights reserved. Bank Statements Provide a summary of financial transactions over a period of time Mailed or emailed to account holder monthly Reconcile the bank statement each month
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