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Chapter 9:


 When you have completed this chapter you should be able to:
 Identify and explain the use of a cashier’s check, bank draft, bank
money order, and traveler’s check.
 Identify the various ways funds are transferred electronically.
 Prepare checks, make stop-payment notification, and endorse checks.
 Reconcile a bank statement.
 Describe a petty cash fund is and how it is used.
 Calculate a weekly payroll register.
 Explain the parts of an income statement and balance sheet.
 Explain the budgeting process.
 Keep an inventory of supplies and order supplies needed.
 Discuss the importance of demonstrating ethical conduct in financial
 Demonstrate how to change U.S dollar to foreign money using currency
exchange rates.
 You may called upon to handle
banking procedures if you work in
a small office or if your manager
travels abroad
 a depositor establishes a checking account at
a bank as a convenient means to transfer
funds. The instrument mist used for
transferring funds if the ordinary check,
which is defined as a written order of a
depositor upon a commercial bank to pay to
the order of a designated party or to a bearer
a specified sum of money on demand
 known as treasurer’s check or official check.
Written by an authorized officer of bank on its
own funds it guarantees payment to payee by
drawer’s bank.
 Check drawn by bank on its own
funds in another bank located
either in same city or another city.
Made payable to third party, and
upon endorsement, may be cashed
at bank on which it is drawn
 Requires endorsement of payee. Maybe cash
at any banks. Purchaser charged small fee.
Amount of money may be limited
 Or “cheque”. Used in place of cash. Must
obtain in person and sign in presence of
selling agent. Purchased from banks and
credit unions. If lost or stolen, will usually be
 Deliverysystem for electronic
transactions. No lost or stolen
checks. Payment made quickly
and on time. Major services—EFT,
ATMs, centers for electronic funds
transfers, payment by telephone
 Many convenient
locations. Customers can
obtain cash or make
deposits. Requires EFT
card and personal
identification number
(PIN) or password
 Used in place of
checks . Money is
taken directly from
the individual or
company’s checking
account. May be used
as debit card or credit
card .When used as a
debit card, requires a
pin number or
password; when used
as a credit card must
sign sales slip
 Organization pays employees
without checks provides bank with
magnetic tape description of payroll
disbursements made to the
employees. Employee receives
statement from company or third
party. Statement shows gross
payment, type and amount of
deductions, and net payment
 Funds automatically deposited.
Electronic routing number and
account number are needed for
deposit. Routing number and
bank account number is usually
printed on bottom of checks
 Preauthorized automated
transfer of funds from one
account to another account
within same financial
institution. For an individual
or company. From checking
or savings
 Must have access to
Internet. Easy online
management of banking
transactions. Ability to
make electronic transfers.
Provides real-time
sword to access may be
needed. Requires ID
 Call the company, provide
nine-digit routing number
of bank, bank account
number, check number, and
amount. May be charged a
fee. Company will draft the
amount from your checking
account and bank honors
check. Payment can be made
on exact due date, avoiding
late charges
 Business use various ways to prepare checks.
Check may be prepared with a check –
writing, a computer and a printer, or a pen.
Same businesses use check –writing
machines as a safety measure against
possible alteration of checks.
A blank endorsement


 Stop-payment notification
 Used when check is written for incorrect
 Used when check is lost or stolen Conditions
of agreement are not met
 Check presented for cash or deposit must be
signed (endorsed)
 By the payee
 On reverse side of check
 Bank will accept for deposit checks that have
been endorsed by representative of payee
 Endorsement can be rubber stamped or
handwritten in ink
 Consists only of signature of
payee. Payable to bearer. Use
with caution when depositing
or cashing checks
 Limitsuse of check. Words such
as “For deposit only” or “Pay to”
are written before organization’s
name or depositor’s signature.
Use when deposits are sent to
bank by mail
 Also called a two-party check. Transfer check
to specified person or organization. “Pay to
the order of” followed by name of
person/organization receiving funds is
written on check preceding signature of
• issued by bank to depositor Shows previous
month’s balance, deposits, checks paid, bank
charges, and ending balance. Comparison of
bank balance on the statement with the
checkbook balance. To make comparison,
checks listed on statement are checked off in
check register
 Steps to reconcile bank statement
 Record in the company’s checkbook
all automatic transactions not
previously entered
 + any interest earned
 + automatic deposits
 - service charges
 - automatic payments - telephone transfers and
 Enter in company’s checkbook register a
check mark for each canceled check and all
deposits received by the bank listed on the
bank statement. Total all outstanding checks
(not paid by bank).Total all deposits shown in
checkbook register that are not on bank
 Adjust the bank statement balance
 Enter the checking account
balance shown on front of bank
 Add any deposits not yet shown
on statement
 Subtract the total of outstanding
checks adjusted bank statement
balance from the reconciliation
should agree with the adjusted
checkbook balance
 If the adjusted bank statement
balance and checkbook balance
do not agree, follow these steps
 Find the difference between the
 Check the bank statement
balance for errors
 Look for omission of checks and
 Check for a math error in the
check stubs
 Necessary when
manager travels abroad.
Locate current exchange
rate. Call local banks.
Available via Internet at
airports with
international flights
Exchange rates are
quoted per $1 U.S
Keep a clean work area:
 Don’t eat or drink over
your keyboard
 Don’t stack items on top
of a large monitor
 Never place magnetic
items on your computer
processing unit
 Never share your
password with others
 Avoid fancy screensaver,
emoticons, smiley and so
 Add helpful browser
toolbar from well-known
companies such as
Google and Yahoo
 Stay alert to what is
happening on your screen
and don’t be taken in by
announcement that
something is wrong with
your computer