Tip: Add a credit note to your deposits
Here’s a great little tip for you shoebox accounting types out there.
Problem: when you look at your bank statements, it’s hard to remember where your income comes from. For example, maybe you deposited $1500 on July the 3rd. If you have 9 cheques for $1500 in your FreshBooks account, how do you know which on is which?
Solution: when you deposit a cheque, don’t give it to a bank machine, give it to a bank teller and ask them to “add a credit memo” with your client’s name (”ABC Corp”) or an invoice number (”Inv #2122″) when they enter the deposit. This makes it really easy to look at your bank statement and know who/where the deposits came from, especially at the end of the year when it’s hard to remember the details of your deposits.
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9:49 pm
Another easy solution to this common problem is to photocopy or scan or deposit slip before dropping it into the ATM.
Keep this copy in your Binder or File with all of your invoices.
Next time you need to reconcile that bank account – and you can’t recall which checks make up that rather large deposit – you’ll be able to pull out the deposit slip and reference the appropriate values.
Of course – you are writing your check #s and invoice #s on that deposit slip right?
This doesn’t require any intervention from the teller – and will probably keep you on their good side
5:54 pm
A large bank in San Francisco’s ATMs now give you, on your receipt, images of all the checks deposited. Not all ATMs in the city have this feature, but it is worth finding one if you don’t want to wait in line for the teller.