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6: Prepare and process banking documents

This section covers the following performance criteria:


Financial transactions are listed on deposit forms in accordance with financial
institution requirements
Pay-in documentation is balanced with all financial calculations
Financial institution deposit totals are balanced with internal records
Deposits are lodged with the financial institution

6A: Financial transactions are listed on deposit forms in


accordance with financial institution requirements
When a company has received payment from its customers in any way other than an
electronic transaction, the money must be deposited into the company's bank
account held with a financial institution. Payments of this type can include cash,
cheque, or credit card payments.

Each financial institution will have its own processes for taking deposits and these
processes are likely to differ slightly depending on the type of deposit being made.
For example, the information required when depositing a cheque will be different to
the information required when depositing cash. A finance payments clerk should
ensure that they understand their own companys policy and procedure for
depositing money as this should reflect the requirements of the company's financial
institution.

Depositing cash
When depositing cash a cash deposit form must be completed. It is advisable to
keep a supply of these forms at the business so that they can be filled out and
checked before they are taken with the cash to the bank.
Each cash deposit form must be completed with the:
details of the account the money is to be deposited into including:
account name
account BSB
account number
amount of cash being deposited-in words and numbers date the deposit is being
made
the signature of the person making the deposit

In some instances the breakdown of denominations is also required, for example


how many $100 notes, how many $50 notes etc.

Depositing cheques
Cheques are treated in a similar way to cash but require a little more information as they
have to be physically exchanged with the issuing bank in order for the money to be
released. A cheque deposit form can usually accommodate the details of multiple
cheques.

Each cheque deposit form must be completed with the:


details of the account the money is to be deposited into including: account name
account BSB account number
for each cheque the following information:
the name of the person who has written the cheque (the drawer)
the amount of the cheque-in words and numbers date the cheque was written
the name of the bank that has issued the cheque cheque number
the signature of the person making the deposit (drawer bank)

Claiming manual credit card payments


These days most credit card payments are made using EFTPOS but where a manual card
reader has been used the paperwork must be taken to the bank in order for them to
process it.

The deposit slip that must be submitted with all of the actual, signed credit card
imprint vouchers provides the details of each of the transactions and a total. Details
usually include:
type of card
card number
date of transaction
amount of the payment
grand total

Now complete the learning task below. (called task 17


in the activities tab)

Explain why financial institutions require depositors of cheques provide a number of details on the
deposit form. List at least three details which are required.

. __________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.
__________________________________________________________________________________.

1. List five pieces of information typically needed on a deposit form when taking cash to a
bank.
i. _________________________________________________________________________________
ii. _________________________________________________________________________________
iii. __________________________________________________________________________________
iv. __________________________________________________________________________________
v. .
_________________________________________________________________________________
_.

2. You have the following items to bank. Complete the deposit form below for the
banking to occur.
Cash $ 3967.85, comprising 5x $100; 12x$50 23x$20, 17x$10, 1x$5, mixed coins
12.85, cheques from Hughes corp, Airlight Branch, United Bank = $1458.30; Arron Smith
Building Services, Commonwealth Bank, Rippoff Branch $ 683.25; IGOTTCHA clothing
stores, Superfund Banking Corporation, outtahere $78.45