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Once the company is sure that all of their financial records and paperwork is in order,
they can take the deposits to their financial institution to lodge them.
Branch deposits
This option requires a representative of the company to physically take the cash and
other deposits to a branch of their financial institution. As moving cash can pose a
risk to the health and safety of employees it is strongly advised that safety
precautions be taken.
When the deposits have been safely handed over to the bank teller, the teller will
count them and issue the person making the deposit with an official receipt. This
receipt states the time and date the deposit was made as well as the amount
deposited. This receipt must be kept and returned to the appropriate person back at
the office so that, in the event that there is a dispute over the deposit, proof of it
being made can be supplied.
Night deposits
Many branches of financial institutions provide a secure night deposit facility so that
businesses can make deposits after banking hours. This allows businesses to clear till s
and cash boxes of any cash so that they do not become a target for thieves. A night
deposit facility is typically a safe that is mounted in the external wall of the bank's
premises and to which account holders can open using a secure ID. No one other than
bank staff is able to remove anything that has been deposited.
When the bank staff clear the night deposit facility each morning they will count the
deposit s, examine the deposit paperwork and issue a receipt to the depositor.
1. Recommend a suitable way of making the deposit in each of the options given and
explain your reasoning.
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c. The regular week day's takings comprising, cash and cheques totaling $3,345.
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