Process Flow For Cash Deposit is a term that describes the steps involved in receiving, depositing, and reconciling cash and checks in a bank account. It is important to follow proper procedures and internal controls to ensure the accuracy and security of the funds. Here is a summary of the main steps in the process flow for cash deposit:
– Receiving funds: This is when cash or checks are received from customers, clients, or other sources. The person who receives the funds should count and verify the money, issue a receipt, and record the transaction in a log. The funds should be stored in a safe or locked place until they are deposited.
– Depositing funds: This is when the funds are transferred to the bank account using an ATM, a bank branch, or a remote deposit service. The person who deposits the funds should balance the money, complete a deposit slip, and safeguard the deposit until it is processed by the bank. The funds should be deposited within a certain time frame, usually one to five business days, depending on the amount and the policy of the organization.
– Reconciling funds: This is when the deposits are matched with the transactions recorded in the log and the bank statement. The person who reconciles the funds should verify that the deposits were posted to the correct account and chart field, and that there are no discrepancies or errors. Any issues should be resolved as soon as possible.