checks, deposits, and check registers
Post on 25-Feb-2016
44 Views
Preview:
DESCRIPTION
TRANSCRIPT
Checks Checks are the most common form of
negotiable instrumentsNegotiable instruments- a written order promising
to pay a sum of money Preferred method of payment for many debts Write checks in blue or black ink
Check Stubs Check stubs record the cash in bank
All account transactions: payments, deposits, and bank service charges
Similar to a check register
Check Cycle1. Write a check to a
store
2. Store accepts your
check
3. Check is deposited in
store’s account
4. Bank passes check
to a clearinghouse
5. The clearinghouse sends it back to your bank
6. The bank deducts the money from your account
7. Check goes back through the
clearinghouse to the store’s
bank
8. Store’s bank deposits
money into store’s
account
Filling out a Deposit Slip
On September 28, 2011 you deposited $200 in cash and checks for $100 and $35.00.
Why keep a register? Keeping a checkbook register is extremely
important Accurate registers will keep you from
overdrawing your account Overdraft fee’s Bouncing checks
Balancing a Check Register On September 28, 2011 you made a deposit for $335.00 On 9/25/11 you buy your mom a birthday gift at Hallmark for
$64.73 using check #105 On 9/27/11 you buy books at Barnes and Noble for $102.25
using check #105
top related