I was taught no/100 or 00/100 but as long as the intention is clear it doesn't matter. I worked as a teller, and the only thing I know for sure is that the bank will go by the written amount not the numerical amount. Not that that helps, but you'll want to make sure the written amount is clear.
I've seen both used equally. I've just always been partial to no/100s myself. I've seen the "exactly" used before as well. And sometimes when I've been in a rush, I just write it like "Fifty dollars------------------------". There is no right or wrong way. It's simply so that it's legible, understandable, and you want something filling in the excess line so the amount cannot be changed. If you wrote say "Ten" and put nothing else, someone could write "thousand" after it. So you want that line slashed out or filled up with no or 00/100s or even "exactly".
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