How do I Choose the Best Business Deposit Slips?

The best business deposit slips meet the basic requirements of the bank and serve adequately the secondary functions of this important business document. Deposit slips are typically ordered through the bank, and thus will have the required coding. Secondary functions include traceability, accuracy, and transaction communication. All of these factors function together to document a transaction so that accurate bookkeeping is possible. In addition, risk of internal or external theft needs to be minimized.

If deposits are made by multiple people in multiple locations, traceability is a concern. The best business deposit slips will have a means of tracing who made the deposit, when, and where. This may be accomplished by a special line on the slip that is signed by the depositor. Multiple carbon deposit slips are useful for increasing traceability, with copies kept by the depositor and supervisor, and submitted to the bank.

Accuracy is an important factor in choosing the best business deposit slips because incorrect data can result in overdrafts and bank fees or inaccuracies in customer accounts. To increase accuracy, businesses may choose to use computer-generated deposit slips. If the deposit slips are to be hand-completed, there should be adequate room for all checks to be listed, and lines for each denomination of bills to be recorded separately. Employees should be required to write neatly on all deposit slips.

Transaction communication may be obvious in a small business, but less so in a very large business. Bookkeepers need to know when deposits are recognized by the bank, what account should be credited by the deposit, and the form of the deposit. Scattered operations may result in several people handling the deposit. Therefore, not only multiple copies of business deposit slips may be important, but a deposit register similar to a check register should also be maintained.

A business needs to make several determinations to minimize the risk of theft. The size of the typical business transaction and the amount of cash versus other means of payment should be known. Other facts to be collected are if the business uses hand-completed or computer-generated slips, the frequency of deposits made during banking hours compared to the use of night drops, and if deposits will be made by various people or by the same one or two people. The larger the cash transaction, the more use of night drops, and repeated deposit by the same person increase the chance of theft by external agents and by employees. Disposable plastic deposit bags with multiple carbon business deposit slips help deter night deposit theft.

The best business deposit slips will incorporate the above factors, as appropriate. They may range in size from the wallet-size tear-out sheet to a multipage report generated by accounting software. In all cases, they should be logical, orderly, and easily understood by all users. Business deposit slips, while not seen by customers, should convey a professional appearance as well.