Bank Deposit Process Template

Our Bank Deposit Process

Following our bank deposit process

Making bank deposits is a regular part of business operations; therefore, it’s important to have a clear and consistent process to handle this sensitive transaction. Having a process in place not only ensures that deposits are made accurately and securely, but it also helps to protect the company's assets and maintain a good relationship with the bank. By following a defined process for making bank deposits, we can ensure that our deposits are being handled properly and that funds are available for use in a timely manner.

How to make a bank deposit

1. The person responsible for making bank deposits — typically in the finance or accounting department — will gather the necessary documentation and information, including any checks or cash that need to be deposited, deposit slips, and the company's bank account information.
2. The same individual will review the documentation and information to ensure that it’s complete and accurate.
3. They will then prepare the deposit by filling out the deposit slip and organizing the checks and cash in the appropriate order and denominations.
4. After preparing the deposit, they will take it to the bank and present it to the teller. The deposit will be reviewed by the teller to ensure that it’s complete and accurate.
5. The teller will process the deposit and provide the individual with a receipt for the deposit. The person will review the receipt to ensure that it’s correct and matches the deposit.
6. The individual making the deposit will then provide the receipt to a second person, who will also review it to ensure that it’s correct and matches the deposit.
7. The second person will then sign the receipt and provide a copy to the person who made the deposit.
8. The person who made the deposit will file the receipt and other related documentation in the company's records for future reference and audit.

By following this standard operating procedure, bank deposits will be completed efficiently and accurately, ensuring that the company's funds are safeguarded, and any individual risks are mitigated.