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Submitting bank deposits

Megan Runyan Updated by Megan Runyan

It's important to deposit checks and cash your organization receives as soon as possible and report the deposits to ArtsPool so we can make sure that your current financial picture is as clear as possible. Frequent deposits are also an important internal control for reducing the potential for fraud, and they make sure your organization has cash on hand when you need it. šŸ¤‘

The bank deposit report template

The [MEMBER] - Finance ā†’ [MEMBER] - Banking folder in your member Google Drive folder contains a Google Sheet for reporting bank deposits. Each fiscal year has a separate file called [MEMBER] - BankĀ Deposits FYXX, where XX represents the fiscal year number. If your organization makes a lot of bank deposits each month, make a copy of this document for each month. This file is generated yearly by your Financial Operations Lead.

Reporting deposits

Before you deposit checks or cash, start a new tab on the current fiscal year's Bank DepositsĀ worksheet by duplicating the tab called Example (to duplicate) and renaming it with the date of the deposit.

Right-click the tab to duplicate or rename it.

To accurately fill out this document do the following:

  1. Enter the date and an optional deposit number (e.g. from the deposit slip) at theĀ top of the new tab.
  2. For each check in the deposit, enter the check date, check number, amount, the name of the payer, account code, program/activity and any notes. For cash deposits, write CASH in the check number column.
  3. Scan or take a photo of each check and the deposit slip andĀ keep them organized for submission later. Since some banks include deposit check images, you may be able to skip this step. Please confirm with your Financial Operations Lead.
  4. After depositing, create a new taskĀ in the ArtsPool app, including aĀ PDF or a link to the deposit report to along with scans or photos of the checks and deposit slipĀ as backup. As always, please give your task a meaningful title such as Bank DepositĀ Report - [DATE] - [AMOUNT].
Please note, if there is any missing information from the spreadsheet, this could slow down the reconciliation process. The Financial Operations Lead will follow up via comments on the app task.

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