Cash Deposits
It is currently not possible to deposit cash directly into the Business Account.
The Springly Business Account, offered in partnership with Swan, is a fully online bank account. Like most online banks, it has no physical branches where you can deposit cash.
Alternative Solutions if Your Nonprofit Still Uses Cash
In the meantime, here are the recommended options depending on your needs:
For Small Amounts: Keep a Petty Cash Fund
You can manage small cash amounts through a physical petty cash fund, as long as you follow these precautions:
- Restricted access — trusted individuals only
- Limited amounts (given the risks of theft, break-ins, etc.)
- Strict procedures for management and tracking (who spent what, purchase receipts, etc.)
You can track your petty cash manually in Springly's accounting module. See the article: Managing Your Petty Cash Account with Cash Deposits and Withdrawals.
For Larger Amounts: Keep a Traditional Bank Account
If your nonprofit regularly handles significant amounts of cash, the recommended approach is to supplement your Business Account with an account at a traditional bank that has physical branches.
Tip: To keep bank fees low, you can choose a basic plan at the traditional bank — for example, a checking account with no payment card.
Comments
0 comments
Article is closed for comments.