Each day's receipts can be kept separate by, a.preparing a deposit slip for each day's receipts, b. reconciling the bank statement
c.listing the ABA numbers
d.making daily bank withdrawals
Well, b and d are clearly out -- they have nothing to do with documenting each day's receipts.
So ... which of the other two have anything to do with each day's receipts?
To keep each day's receipts separate, a common method is to prepare a deposit slip for each day's receipts. This helps in organizing and documenting the daily transactions. Here's how you can prepare a deposit slip:
1. Obtain a deposit slip from your bank. These are usually available at the bank branch or can be ordered online.
2. Write the date on the deposit slip. Make sure to use the correct date for each day's receipts.
3. Enter your name or your company's name as the account holder.
4. Write down the total amount of cash you received for the day. This includes any currency notes and coins.
5. Write down the details of each check you received. This includes the check number, the name of the payer, and the amount on each check.
6. Add up the total amount of all checks received for the day.
7. Calculate the total amount of cash and checks received and write down the grand total.
8. If you received any coins or currency that are damaged or cannot be deposited, record them separately as "Not Deposited."
9. Finally, sign the deposit slip and keep a copy for your records.
By preparing a deposit slip for each day's receipts, you can easily track and differentiate the transactions made on different days.
The other options mentioned may not be directly related to keeping each day's receipts separate:
- Reconciling the bank statement: This is a process where you compare your recorded transactions with the transactions listed on your bank statement to ensure they match. It helps in identifying any discrepancies and ensuring the accuracy of your records but does not specifically keep each day's receipts separate.
- Listing the ABA numbers: ABA numbers, also known as routing numbers, are used to identify specific banks during the electronic transfer of funds. It is not directly related to keeping each day's receipts separate.
- Making daily bank withdrawals: This refers to withdrawing cash from the bank account on a daily basis and is not related to segregating and organizing each day's receipts separately.