Prepare and bank receipts - FNSICACC304A
To gain competency in this unit you are required to describe the functions involved in preparing
and banking financial receipts.
The following exercises are designed to enable practice in the following:
FNSICACC304A/01 - Batch monetary items
1.1
Items are batched completely and accurately
1.2
Batch items are matched to initial receipt records precisely
FNSICACC304A/02 - Prepare deposit facility
2.1
Deposit facility selected is appropriate to the banking method used
2.2
Batch is balanced with deposit facility without error
FNSICACC304A/03 - Lodge flows
3.1
Security and safety precautions are taken appropriate to the method of banking in
accordance with company policy and industry and legislative requirements
3.2
Proof of lodgement is obtained and filed in accordance with company procedures
Note prepared for Quicken by Ken Boyle – Educational Consultant Page 1
PRACTICE EXERCISE 1:
You are the Accounts clerk of Photographics Ltd and are about to bank the day’s takings
consisting of both cash and cheques.
You are required to:
TASK 1:

Using the QuickBooks file - Photographics Ltd, complete and print the deposit section
QuickBooks is a fully integrated small business accounting package.
To open the sample company double -click on the QuickBooks icon
The QuickBooks Navigator will appear for the sample company titled “Photographics Ltd”
If the this company does not appear you will need to select - File – Open company
Click on Photographics Ltd
The following details the cheques received today to be banked with the notes and coins.
Cheques received March 1, 2008.
C Nguyen drawn on National Bank, Geelong,
A Sainsbury drawn on Westpac, Wodonga,
P Jones drawn on Commonwealth Bank, Malvern,
R Lamm drawn on ANZ Bank, Coburg,
$407.00
$49.50
$2295.00
$573.10
Chq no 156831
Chq no 337895
Chq no 88556
Chq no 113456
Note prepared for Quicken by Ken Boyle – Educational Consultant Page 2
To record these transactions into your Photographics Ltd QuickBooks data file complete the
following steps:
Select the Home screen and click on the Receive Payments icon.
Use the drop down arrow to choose C Nguyen.
Choose Cheque from the Pmt. Method section. Key in the date and amount.
In the Deposit To section select Undeposited Funds
Place a tick in the  column.
Note prepared for Quicken by Ken Boyle – Educational Consultant Page 3
Then click on Save and New and complete the entry for A Sainsbury
Then click on Save and New and complete the remaining two entries.
Note prepared for Quicken by Ken Boyle – Educational Consultant Page 4
Then click on Save and Close.
The next step is to prepare the deposit slip for the bank takings.
Click on the Record Deposits Icon.
Then click on Print.
Click on Save & Close.
($9841.85 in total will be banked).
Note prepared for Quicken by Ken Boyle – Educational Consultant Page 5
TASK 2:

Complete the cash summary calculation sheet of notes, coins and cheques for the daily
cash takings of March 1, 2008.
Notes
$100
50
20
10
5
Cash summary slip March 1, 2008.
Number
11
25
112
96
154
Total
Coins
2
1
0.50
0.20
0.10
0.05
Value
32
52
44
152
256
65
Total
Total cash
Cheques received
Total
Total deposit cash & cheques
Note prepared for Quicken by Ken Boyle – Educational Consultant Page 6
TASK 3:

Complete both sides of the deposit slip and deposit butt as at March 1, 2008.
Deposit slip (front side)
BANK OF PLENTY
BANK OF PLENTY
DATE
/
/
DEPOSIT
ABN 81 455 222 533
DATE
Branch Name
Plenty Central
/ /
Deposited for credit of
For credit of
Photographics Ltd
Cash
Cash
Cheques
Bankcard/
Mastercard/
VISA/Other
Cheques
Paid in by (signature)
Bankcard/
Mastercard/
VISA/Other
TOTAL
No cheques
Total
$
$
047 564 87 5436
Teller
Deposit slip (reverse side)
Bank use only
Third party cheques explanation
Details of cheques (proceeds will not be available until cleared)
Drawer (account name on cheque)
Bank
Branch Amount
Bank use only
100
Details of cheques
50
20
10
5
Coin
Cash
Total
Note: This deposit will be transferred under
the banks internal procedures. The bank will
not be held responsible for delays in
transmission.
Total $
Note prepared for Quicken by Ken Boyle – Educational Consultant Page 7
PRACTICE EXERCISE 2:
1. Give two advantages of using a night safe.
2. Why should cash be banked daily and intact?
3. Name the document on which details of electronic banking are shown.
4. List the forms in which money comes into a business.
5. Name the document completed or produced when credit card transactions are banked.
6. Describe how notes should be prepared for banking.
7. Name the document completed when a customer pays by credit card.
8. Why should cheques be marked “not negotiable”?
9. Name the book in which details of funds to be banked are entered.
10. List four advantages for the organization and two for the customer when EFTPOS facilities
are used.
11. What is meant by the term “post-dated cheque”?
12. What is the difference between the terms “or bearer” and “or order”?
13. What is the difference between a debit card and a credit card?
14. What is a merchant summary used for?
15. List three basic security measures you should use when going to the bank with money.
Note prepared for Quicken by Ken Boyle – Educational Consultant Page 8
Note prepared for Quicken by Ken Boyle – Educational Consultant Page 9