Business, Legal & Accounting Glossary
A slip of paper that accompanies cash or cheque payment. It details the amount of the deposit, the bank account the funds should be paid into, and the date of deposit.
A deposit slip is a written form of notification that reflects the dollar amount deposited to an account by an account holder. A deposit slip is usually associated with banks. However, other financial savings organizations may require deposit slip forms as well. A typical deposit slip is an itemized document, which identifies a precise amount of money being deposited. Therefore, a deposit slip may indicate the transfer of funds in the form of paper cash, checks, or coin. Thus a deposit slip may be called for when making a deposit at the bank in person, or via an ATM. Today, a deposit slip is often not needed as many people opt for direct deposits and take advantage of online banking. In these circumstances a deposit slip may be replaced with a statement or summary, reflecting a transaction history for a given period of time.
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This glossary post was last updated: 9th February, 2020 | 1 Views.