Pay-in-slip definition in terms of Recording of Transactions - QS Study
QS Study

Pay-in-slip is an outline presented in banks and is used to deposit money into a bank account. Each pay-in-slip has a counterfoil which is returned to the depositor accordingly sealed and signed by the bank officer. This source document relates to bank transactions. It gives details regarding date, account number, the amount deposited (in cash or cheque) and the name of the account holder.

When an individual needs to deposit checks or cash in his bank account he usually fills out a slip to show the number of his account, the date, and the details of the deposit. Some deposits will consist of checks, and the depositor will list each check with the check number and the whole amount of the deposit.

However, it should be noted that banks, particularly the big ones, are trying to get away from the official procedure and switching over to computer equipment. For example, at some banks, the client can insert his plastic card in the ATM (automated teller machine), knock in his four-digit PIN number (personal identification number), and deposit cash or checks into the machine without filling out a deposit slip.