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Lecture Accounting fundamentas (7e): Chapter 24 - Curran

Chapter 24 - Banking procedures. After completing this chapter, students will be able to: Open and use a checking account, endorse checks, prepare deposit slips, complete check stubs and write checks, reconcile the bank statement. | CHAPTER TWENTY FOUR BANKING PROCEDURES 1. Open and use a checking account. 2. Endorse checks. 3. Prepare deposit slips. 4. Complete check stubs and write checks. 5. Reconcile the bank statement. BANKING PROCEDURES Objectives: 24- Opening a Checking Account The owner of a new business should open a checking account. Banks require signature cards to be completed and will accept a deposit to open the account. 24- Making Bank Deposits Bank deposits should be made often to protect cash receipts. Deposits must be prepared properly. 24- Making Bank Deposits (continued) Coins and currency should be counted and wrapped. Checks and money orders must be endorsed. 24- Writing Checks A check gives authorization for the bank to pay a stated amount of money from the business’s account. The information about the checks is recorded in the check register or on the check stub. 24- Writing Checks (continued) Checks should be numbered consecutively. The check register or check stub | CHAPTER TWENTY FOUR BANKING PROCEDURES 1. Open and use a checking account. 2. Endorse checks. 3. Prepare deposit slips. 4. Complete check stubs and write checks. 5. Reconcile the bank statement. BANKING PROCEDURES Objectives: 24- Opening a Checking Account The owner of a new business should open a checking account. Banks require signature cards to be completed and will accept a deposit to open the account. 24- Making Bank Deposits Bank deposits should be made often to protect cash receipts. Deposits must be prepared properly. 24- Making Bank Deposits (continued) Coins and currency should be counted and wrapped. Checks and money orders must be endorsed. 24- Writing Checks A check gives authorization for the bank to pay a stated amount of money from the business’s account. The information about the checks is recorded in the check register or on the check stub. 24- Writing Checks (continued) Checks should be numbered consecutively. The check register or check stub should be completed before the check is written. 24- Writing Checks (continued) Checks should be prepared in ink, typewritten, or printed by a computer. There must be no alterations or erasures on a check. If an error is made, the word VOID is written in large letters across the face of the check and on the stub. 24- Writing Checks (continued) Checks must be carefully prepared to prevent later changes in the amount or name of the payee. Checks must have an authorized signature. 24- Reconciling the Business’s Records With the Bank Statement Most banks send a bank statement every month that includes the canceled checks the bank has paid. The bank may not know about deposits in transit that you have recorded. 24- Reconciling the Business’s Records With the Bank Statement (continued) To the balance on the bank statement you must add deposits in transit and subtract outstanding checks. To the balance in the checkbook you must add corrections (if any) and subtract any bank .