A Simple Definition of What You Should Know about The Pay-In-Slip

Papers and more papers! Everything is paper, and even payments 😮‍💨

We know, papers are very important. They prove that agreements were made thanks to signatures. Thus, those papers serve as reassurances for the involved parties.

But let’s go back to our main paper concern: the pay-in-slip.

You want to go to the bank, but you are afraid, or simply do not know what to do. Well, fear no more, this article is for you!

It is as easy as your ABCs, so much so that you’ll be depositing pay in slips without a hassle in no time.

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Pay-in-Slip: What is it?

What is the Meaning of Pay-in-slip?

A pay-in-slip is a document, or small form, which relates to bank transactions.

It relays details as:

• the date,
• the account number,
• the deposited amount (cash or check),
• and the name of the account holder.

The pay and earning statements can have different codes, but we will help you understand everything about the pay-in-slip.

It’s a document given by the bank when you’re about to deposit money into your account. And, vice versa, it’s given back to the bank once you have filled in the date, amount, and signature line.

Every pay-in-slip has a counterfoil, which is returned to you once the bank clerk signs it.

Pay-in-slip Vs. Deposit Slip: Is there a Difference?

It’s a quite common question, is there an actual difference? Well, no more confusion… because they’re the same. 🤯

A deposit slip is an American way to talk about pay-in-slip. When you deposit a cheque or cash into a bank account, you either fill out a pay-in-slip, or a deposit slip.

What is the Content of a Pay-in-Slip?

A pay-in-slip will indicate the required information to be filled out. It contains:

• The name of the account holder,
• account number,
• the type of deposit (checks, cash or cash back),
• a recap of the deposit made (especially for business purposes),
• tax.

When Do You Use a Pay-in-Slip?

Pay-in-slips are used when going to a bank when depositing money into your bank account. When entering, you either spot a stack of pay-in-slips or ask the bank clerk to tell them about the operation you want to do.

You are then handed a pay-in-slip with the required information to fill in.

The pay-in-slip is given to know, or at least to prove, if you have an account number, usually at the bottom of the slip.

You enter:

• the date,
• the account number they choose or wish to deposit the money,
• the amount and details of said deposit.

It gives the bank clerk an indication of whose account the money is about to be credited.

Some deposits can be made by check, and you will then register each check with a check number and the total of the deposit, or if you want cash back from the check.

However, you must singly list each check so that each appears on their line with a space to write the amount. You do so to keep track of each one. 🗒️

After filling in the pay-in-slip, the clerk will then verify if what you want to deposit, or receive back from the check, matches with the funds received, or have in the case of the check.

Furthermore, if you are depositing more than one check, it is recommended to use the back of the pay-in-slip, or ask the bank employee to guide you if you aren’t sure of what it means.

Most of the pay-in-slips have extra boxes printed on the back so as not to have you fill in your information repetitively and deal with numerous subtotals.

How do You Fill Out a Pay-in-slip? 8-Step Guide

Here is an in-depth explanation of what you need to do:

1. Enter your Personal Information

Simply start by writing:

• your name,
• your account number.

💡 If you have the pre-printed pay-in-slips in your checkbook, this information is already filled in for you.

2. Fill in Additional Information

Write the date, and any empty line if required.

👉 For example, if you are a Western Union member at a different branch of the company, then you must state or include which branch you are from. It’s basically your home branch.

3. Put the Amount You Want to Deposit

It corresponds to the currency, total amount of bills and coins you wish to deposit. And of course, whichever you do not have, you are to leave blank.

4. Individual Listing of Checks

Add the check number and the amount of each, separately.

And if you do not have to deposit a check, then fill in the subtotal.

5. Addition of the Deposits for the Subtotal

If you’re not great in the mathematical field, don’t worry!

It’s simply the sum of the checks and cash you will have to deposit.

6. Fill in the Amount of Cash to Withdraw

This step is necessary only if you wish to get some cash back from your deposit. If the deposit consists of checks, it’s simpler to take the money on the spot instead of coming back at a later time to withdraw.

7. Calculate the Total of the Deposit

You calculate the total of the deposit by subtracting the sum of the deposit with any cash you take.

8. Signing the Pay-in-slip

You have to sign the pay-in-slip if you plan on getting the cash back from your deposit.

Finally, if all is well, the bank teller will then print out a copy for you.

Is a Pay-in-Slip Beneficial??

Pay-in-slips are important for the record-keeping of payments made into accounts.

It’s significant to keep it as a form of insurance and guarantee for the bank to know who deposited money into an account, the amount and when, etc.

The given copy is also a receipt, which is evidence of the amount given by the bank. It helps to spot any errors that may arise and if the exact amount was deposited.

In addition, in case you need proof for clients and customers that you have paid the right amount: show them the pay-in-slip. 💸

Are Pay-in-Slips Mandatory?

A pay-in-slip is only needed when you wish to take cash back from the deposit. If it’s only funds deposits, then you don’t need to sign the pay-in-slip.

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Pay-In-Slip: In Summary

As you understand by now, a pay-in-slip is a document you use to fill in with your personal information to avoid any misunderstandings and disagreements.

The depositor hands the slip they have filled out to the bank teller, and the latter gives the copy back with the stamp of the bank to the former. It is the proof of the funds deposited and a form of assurance for both parties.

Now, on to your deposits! 📝