When it comes to banking in the age of digital everything, it's easy to forget the significance of old-fashioned instruments which continue play a crucial role in our day-to-day operations. One of those tools is the deposit book – an easy but essential form that allows a company to organize its bank deposits in a simple, clear manner, in a professional-looking way.
What is a deposit book?
Definition of deposit book a deposit book is a preprinted, prebound book in which deposits to a business or personal bank account are recorded in a structured style. It usually contains lines for the date, account number, depositor's name, the detail of the deposit (cash, cheque, direct deposit) and the total amount of the deposit. These books are to be used for deposit slips when making deposits at the bank and to provide a written copy for internal use.
With lots of deposit books being case-bound, for organization and longevity, or format ley produced with carbon less duplicate or triplicate leafs, so bank gets a page and depositor a copy.
Bank deposit books. Why deposit books still matter?
Despite the emergence of mobile deposits, as well as online banking becoming more popular, deposit books are common among businesses, non-profits, clubs and organizations for multiple reasons:
Record keeping: having a physical log of every deposit made gives an extra level of financial responsibility. You can compare these records with bank statements to verify that they're accurate.
Deposit slip : in the event of discrepancies or disputes, a written, date-stamped record of the deposit can be valuable evidence.
Internal auditing:tracing the money and determining when cash was exchanged are the two primary benefits of the deposit book for bookkeeping and year end monetary examination/review.
For in person transactions: businesses that receive physical cash or cheques (think retail stores, tradespeople, and fundraising organizations) continue to find that there is no simpler way to record banking activity than in a deposit book.
Customizing deposit books
Custom branded deposit books that feature your businesses logo, address and account details can be ordered from most printer companies. These books can be customized based on the size, format, page count and number of parts (duplicate or triplicate).
Custom fields can also accept any sort of field data which might include the breakdown of the gst, a branch number or department code - making them a little bit more comprehensive in terms of financial tracking. Numbers in sequential order can also be added to increase organization and traceability.
Cost and accessibility
Deposit books are cost effective, simple to use, and with bulk availability, convenient for any business whether small or large. They offer low-tech protection to buttress high-tech financial systems, and they guarantee that no transaction will go unrecorded.
Final thoughts
Despite the advances in banking today, deposit books are still a staple tool in record keeping. Their ease of use, dependability, and practical design make them a vital asset for any business that prides itself on accuracy and transparency in its financial transactions.
John martin is Author of this article. For further details about envelope printing please visit the website.
