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Basic

Documents
and
Transactions
Related to
Bank Deposits
Learning Outcomes:

1. Differentiate a savings account from a current or checking


account
2.Prepare bank deposit and withdrawal slips
3. Prepare checks
4.Understand the contents of a bank statement
Types of Bank Accounts
Business usually maintain two types of account: (1) savings account , and (2) checking or current account

Savings Accounts
These are intended to provide an incentive for the depositor to save money.
The depositor can make deposits and withdrawals using the form provided by the bank.
Banks usually pay an interest rate that is higher than a checking account or a current account.
Some savings accounts have a passbook, in which transactions are logged in a small booklet that the depositor
keep
Some savings accounts charge a fee if the balance falls below a specified minimum

Checking or Current Accounts


Money held under a checking account can be withdrawn through issuance of a check
Banks usually allows numerous withdrawals and unlimited deposit under this type of account.
The interest rate for checking account is usually lower as compared to a savings account.
The account holder or depositor of a checking account is normally provided at the end of the month a bank
statement showing all the deposits made, checks paid by the bank, and the balance of the account.
The depositor is given easy access to the funds as compared to a savings account.
Types of Bank Accounts
Other than savings and checking accounts, there are other types of bank accounts that may be used:

Time Deposit Account (Certificate of Deposit Account)


held for a fixed-term and can be withdrawn only after the lapse of the agreed period and by giving notice to the
bank
may be withdrawn also anytime however the bank usually charges penalties
yield high interest

ATM (Automated Teller Machine) Account


withdrawals can be made through designated machines
a 24 hour teller machine and the funds can be withdrawn anytime
the advantage of this account is that even if the banks are closed, you can withdraw your funds

NOTE: In order to open a particular account, the bank will require individuals certain documents such as valid
identification card and will ask you to fill-up the forms prepared by the bank. Upon approval of the application to
open an account, the bank will give the depositor his account number
Preparation of bank deposit and withdrawal slips
A withdrawal slip and deposit slip are written orders to the bank. These slips are used to take out money or to put in
money to the depositors account.
Withdrawal Slip
Without a withdrawal slip, the bank will not allow you to get money from your account. The required information
in the withdrawal slip are:
Account Name - the name of the depositor
Account Number the unique identifier given by the bank for every account maintained
Date of the withdrawal
Type of account - savings or current
Currency
Amount to be withdrawn - the amount that the depositor wishes to withdraw from his account. The amounts
in words and in figures are indicated.
Signature of the Depositor this is the most important part in the withdrawal slip. The signature is a proof that
the depositor is authorizing the bank to get money from his account. Usually, the bank compares the
signature in the withdrawal slip against the signature in the bank records submitted during the opening of the
account.
Preparation of bank deposit and withdrawal slips
Withdrawal Slip
There are instances that the depositor cannot attend
personally to withdraw the funds, he may authorize a
representative by indicating the name of the
representative in the space provided and the
representative must sign. There is a need for the
representative to bring a valid identification card
upon withdrawal otherwise the bank will not approval
the withdrawal.
Preparation of bank deposit and withdrawal slips
Deposit Slip
The bank provides deposit slip that the depositor will fill up every time the
depositor will put in money to his account. The usually required information in a
deposit slip are:
Account Name this is the complete name of the depositor that is reflected in
the records of the bank. If it has a pass book, the account name is indicated on
first page inside the passbook.
Account Number this is a unique identifier of the account maintained by the
depositor. Date of Deposit
Type of Account
Currency
Amount in words and in figures the amount that the depositor wishes to put
into his account. The amount to be deposited maybe in form of cash or check.
If it is a cash deposit, the breakdown of the cash is usually listed in the deposit
slip if it is a check deposit, the details of the checks are indicated in the deposit
slip, for example: Issuing Bank, Address of the Issuing Bank, date of the check
and the amount.
Identify and Prepare Check (Cheque)
Check
a document that orders a bank to pay a specific amount of money from a person's account
to the person in whose name the cheque has been issued. The person writing the cheque,
the drawer, has a transaction banking account where his money is held. The drawer writes
the various details including the monetary amount, date, and a payee on the cheque, and
signs it, ordering his bank, known as the drawee, to pay that person or company the
amount of money stated.
a type of bill of exchange and were developed as a way to make payments without the
need to carry large amounts of money. The check number is usually indicated in the upper
right portion of the check.
Identify and Prepare Check (Cheque)
The following are the parties
involved in a transaction that
uses check as medium of
exchange:
Drawer, the person or entity
who makes the check
Payee, the recipient of the
money
Drawee, the bank or other
financial institution where
the cheque can be presented
for payment
Identify and understand the contents of a bank statement
At the end of every month, the bank furnishes a statement to the depositor showing the movement of the
account. It contain all the withdrawals, deposits and balance of your account after every transaction. It may also
indicate bank charges that were deducted by the bank automatically. Also, interest earned by the account is
likewise reflected.

The date column indicate the date


the transaction was made.
The check number indicates the
details of the check paid by the
bank.
The transaction code is normally a
bank code for the transactions.
The Debit column represents all
charges or deduction made by the
bank to your account.
The Credit column represents the
deposits or additions to your
account that was made by the bank.
The Balance column is the running
balance after considering the effect
of the transaction to your account.
Identify and understand the contents of a bank statement
Debit transaction
Includes transactions that requires the bank to debit or reduce the account of the depositor. Some of
debit transactions are the following:
Bank service charge - monthly fee charged by the bank for its services (Ex. cost of printing checks
writing funds to other locations and other fees)
NSF - (Not Sufficient Fund) Banks also use a debit memorandum when a deposited check from a
customer bounces because of insufficient funds. Nowadays bank refer to this as DAIF (Drawn Against
Insufficient Fund) or DAUD (Drawn Against Uncleared Deposits)

Credit transactions
Includes transactions that requires the bank to credit or increase the account of the depositor. Some of
the credit transactions are the following:
Collection of cash proceeds from notes receivables.
Interest income earned by the deposit.
Identify and understand the contents of a bank statement
As part of control, the bank statement received from the bank is compared with the
accounting records of the business. This process is called bank reconciliation. Bank
reconciliation will be discussed in the succeeding chapters. Together with the bank
statements, the banks will include the copies of checks cleared or paid by the bank for that
particular month.
Others - Terms
Cross Check
It is marked to specify an instruction about the way it is to be redeemed. A common instruction is to specify that it
must be deposited directly into an account of the payee. It is usually done by writing two parallel lines on the upper
left portion of the check. A cross check cannot be encashed over the counter by the payee. It should be deposited
to the payees account.
Others - Terms
Stale Check
A cheque which a bank will not accept and exchange for money or
payment because it was written more than a certain number of months
ago. In the Philippines a check becomes stale if it exceed 6 months from
the date of the check.
Others Common Questions
Q: What will happen if there are any erasures in the check?
A: The check will not be accepted by the bank.

Q: What is the importance of a bank statement to a depositor?


A: The bank statement shows the beginning balance, additions, deductions, and the balance at the end
of the period. This statement is issued by the bank to all its depositors and is usually done on a monthly
basis. The bank statement helps the depositor in documenting and monitoring the movements on his
bank account. This will also serve as the basis in the preparation of bank reconciliation statement,
wherein the records of the bank are compared with records of the depositor. Any discrepancies
between the two records can be properly addressed and corrected.