banking services and procedures chapter 22. banking in today’s business world online banking...

Banking services and procedures

Chapter 22

Banking in today’s business world

Online Banking

Checking account balances

Paying bills electronically

Other online services

Checks

Types of checksBank DraftCashier’s CheckCertified CheckLimited checkMoney orderTraveler’s CheckVoucher Check

The Banking System

The Federal ReserveProcessing of ChecksBank AccountsChecking AccountsSavings AccountsInterestMoney MarketIRA

Writing Checks

Establish a system

Online Bill Paying

Writing Checks / Cash Checks

Mailing System

Making Stop Payments

Over drafts

Fraud with Checks

Check Washing

Writing a check

Precautions to take when accepting checks

Returned Checks / fees

Endorsements

Why are they needed

Types of endorsements

Deposits and Bank statements

Preparations

By Mail

Direct Deposits

Chapter 23

Accounting

Book keeping – RULES

Financial Records

Daily Journal

Checkbook

Bookkeeping

Single-entryDouble-entryPegboard or write it once

End of day summaryTrial balance once a monthPreventing errorsPetty cash

Periodic Summaries

Statement of income and expense

Cash flow statement

Accounts receivable trail balance

Balance sheet

Payroll

Reporting employee time

Income tax withholding

Employers Income Tax

Social security, Medicare and Income tax

Filing quarterly and annual returns

Employer contributions

Federal unemployment Tax

State unemployment Tax

State disability Insurance

Making a budget