My company receives cash from many of our customers for payment of an invoice. Can we deposit this cash in our business checking account?
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15Where else were you thinking of putting it?– DJClayworthCommented Jun 22, 2018 at 20:53
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Checking accounts aren't just for checks, if that's what you were asking. :P– cHaoCommented Jun 22, 2018 at 22:17
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This would be helped by having jurisdiction tags. Country and if the US, state. You also may consider if it would be easier to just ask your bank about any regulations surrounding cash deposits.– BrythanCommented Jun 23, 2018 at 1:13
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1I'm voting to close this question as off-topic because this is about business-related finances and not personal finances.– BobbySconCommented Aug 26, 2018 at 18:36
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2 Answers
My company receives cash from many of our customers for payment of an invoice. Can we deposit this cash in our business checking account?
The purpose of a business checking account is to:
- accept deposits of income (one of the sources being cash from customer sales) and,
- make payments for expenses (inventory, salary, rent, etc, etc).
With a lot of payments from clients you don't even need a business checking account but you can do it.
Instead of using the checking account you can use the money for that purpose. The less you use it the less you will need it because you user real cash for running you business.
You will find help in bank of america small business cheking accounts
