This article explains how to properly fill out deposit slips and how to properly use a checkbook register. The reader should first learn how to write a check before proceeding with these instructions. Besides learning how to write a check, it’s equally important to learn how to fill out a deposit slip as well as learning how to properly use a checkbook register. Read on for step-by-step instructions on how to fill out a deposit slip and the proper use of a checkbook register.
How to Fill Out a Deposit Slip
When new checks are ordered, a few deposit slips are usually included with the new checks. The deposit slips are usually found in the checkbook behind the checks. Deposit slips can also be found at the banking institution. The blank deposit slips at the bank are generally used in a similar fashion as the deposit slips that come with the check. The only difference is when using a blank deposit slip, the name of the account holder and the account number must be written in by hand.
- Cash – If depositing cash, write the amount of the cash that’s being deposited next to the word “cash” on the deposit slip. If making a deposit in an ATM machine, it’s not advisable to deposit cash. Once cash is placed in an ATM, there’s no proof that the cash was actually deposited.
- Checks – If depositing checks, write the amount of the check or checks next to the word “check.” If multiple checks are deposit there’s usually more space on the back of the deposit slip for more checks.
- Less Cash Back – If the total amounts of the check(s) are not being deposited and cash is needed, write the amount of the cash that is needed here.
- Subtotal - Add the amounts of all the checks and cash that are being deposited. The amount of all the cash and checks is entered into the subtotal.
- Total Deposit - Subtract the amount of “less cash back” from the subtotal and enter the amount in the total deposit area. If no cash back is needed, the subtotal amount can be bypassed.
How to Use a Checkbook Register
The checkbook register is where all the transactions of a checking account are recorded. There are different types of checkbook registers. The basic checkbook register will have a column for the date, the check number, where the payee’s name is recorded, amount of the check or deposit and balance forward.
- Checking Account Transactions- All checks that are written and all deposits that are made need to be recorded in the checkbook register. Besides checks and deposits, all bank transactions need to be recorded in the checkbook register. This includes (but not limited to) ATM and debit transactions, bank service fees, interest and all transactions that affect the checking account balance.
- Running Balance- As checks are written, deposits made any other transactions are made a running balance needs to be maintained. On the far right in the checkbook register is where the running balance is usually recorded. As each transaction occurs the running balance will change. This allows the checking account holder to know how much money is in the checking account at all times.
When how to write a check, how to fill out a deposit slip and how to maintain a check register are learned, the next step is to learn how to balance a checkbook. This is an equally important step because the check writers as well as the bank often make mistakes. Balancing the checkbook should be done at least monthly.
James Clausen - Clausen received a Bachelors Degree in Business Administration in Automotive Management and Marketing at Northwood University, graduating ...
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