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HOW TO IMPROVE CASH RECORDKEEPING

• Verify each day that receipts recorded in your books agree with bank deposit-slip amounts. • For non-sbusiness income (owners’ personal funds, loan proceeds, sale of an asset, etc.), note on the deposit slip where the funds are from. • When transferring funds among the company’s bank accounts, mark the deposit slip “transfer of funds,” and keep a record of the account number. • If you redeposit a bounced check, mark the deposit slip “redeposit” to avoid entering the amount twice. • Avoid recording just the sum of a deposit—it prolongs the bank rec while you hunt for deposit slips to see what they include. • When depositing checks of the same amount, clip them together and add a note (“20 @ $4 = $80”).