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Cheque Records & Deposit Slips

Cheque Records & Deposit Slips. BUD-L1 Objectives: Use IT to solve problems involving cheque records and deposit slips. Learning Outcome B-1.

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Cheque Records & Deposit Slips

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  1. Cheque Records & Deposit Slips BUD-L1 Objectives:Use IT to solve problems involving cheque records and deposit slips Learning Outcome B-1

  2. The Chequing Account Record Book is a personal record of all transactions made in a chequing account so that the balance of the account is always known. This record is kept by the account holder. Theory – Cheque Record

  3. Each entry consists of either a cheque (any withdrawal goes in the cheque column, including cash withdrawals, bank card, et cetera) or deposit. It should include the date of the cheque, the cheque serial number, the name of the payee (and the purpose description, if you so choose), the amount of the cheque or deposit, and the balance of the account. The balance of the account is calculated by either subtracting the amount of the cheque or adding the amount of a deposit to the previous balance. When you receive your bank statement for the month, you will check off (ü) each cheque that has gone through the account. This will be illustrated in the next lesson where bank reconciliation is done. Theory – Cheque Record

  4. Below is a list of transactions and cheques. Match each transaction and cheque with entries in the record book. Theory – Maintaining a Cheque Record

  5. You can deposit funds via ATM or face to face. In both instances, a deposit record is produced. The ATM prints the deposit details onto the deposit envelope and onto a transaction record, if requested. In face-to-face banking, customers are generally expected to complete a deposit slip before proceeding to a teller. A generic deposit slip is shown. As you can see, it is straightforward and can be filled out quickly and easily. Not all deposit slips are identical but they all contain the same information. Theory – Deposit Slips

  6. On August 12th, Bill took the following currency and cheques to the bank to be deposited in his account (Acct. No. 007). Notice that when the Total Cheques is calculated, it is calculated on cheques that are in Canadian funds only. Later in the Exchange area, the cheque in U.S. funds is converted into Canadian funds and added to the Sub Total at this point. The exchange was calculated as follows: $56.02 US × $1.4786 CDN/US dollar = $82.83 CDN. Theory – Deposit Slips

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