Home – New Forums Money matters To bank cash or not to bank

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  • #972767
    ad2405
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    Hi All,
    I am now in my second day running my own business. My question here is do I bank daily so there is a deposit slip for each day? Or should I bank every couple of days? We are talking less then $1,000 per day.

    #1057779
    MyGreatIdea
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    Assuming you keep records of the daily takings, and enter these either into your cashbook or your accounting software as daily sales, then I would bank whenever you want BUT I would make sure the last day of each month has a banking to keep the monthly sales figures correct.

    If you aren’t recording daily sales figures, then I would bank daily.

    My reasons for doing this would be simply to be able to honestly track and report on your sales figures. Maybe there’s a legal argument one way or the other?

    Wendy

    #1057780
    RapidEntryBiz
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    ad2405, post: 71149 wrote:
    Hi All,
    I am now in my second day running my own business. My question here is do I bank daily so there is a deposit slip for each day? Or should I bank every couple of days? We are talking less then $1,000 per day.

    $1000 or thereabouts in cash just hanging around in your briefcase or in your sock drawer at home is a security risk so its common (or not so common) sense to bank daily or as necessary.
    Obviously use the bank closest to you and use their speed deposit service and every day, finalise your takings and balance your register – just a part of the good housekeeping that you should be doing.

    if you’d like more help with running your business, contact me, its what I do.

    #1057781
    FletcherTax
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    For security reasons, I would recommend banking cash as soon as possible plus it would make aligning your software package with actual deposits much easier. For peace of mind and flexibility – I would try to teach your clients to deposit direct into your account as your preferred method of payment.

    Tip: Include your banking details on all invoices (you have no idea how many suppliers/providers leave them out!)

    Janna

    #1057782
    mbwyatt
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    All fine points here.

    Sticking to the cash question …

    Do talk to your branch about merchant cash deposits … if you haven’t done this before it’s the same principle as walking and making a quick cheque deposit.

    BUT … The bank will have to issue you with pre-prepared deposit bags that you then tally up.

    Cheers,
    Mike

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