Difference/Distinguish between Pay-in-slip and Cheque
- Pay -in-Slip is used to deposit the money in the bank
- Cheque is used to withdraw money from the bank
Cheque is divided into two parts called counterfoil and cheque. Cheque is presented to bank for making payment and the counterfoil is retained so as to facilitate accounts.
Pay-in-slip divided into two parts called counterfoil and the main parts. The main portion along with amount is accepted by the branch over the counter and the counterfoil with stamp affixed is returned to customers for acknowledgement. Pay-in-slip also known as deposit slip.