Balance Checking Accounts Balance Regularly 1Mrs. Reed's Work and Family Studies.

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Presentation transcript:

Balance Checking Accounts Balance Regularly 1Mrs. Reed's Work and Family Studies

2 You just received your month Bank Statement- What do I do with it. It is important check it against your Checkbook Register. This referred to as balancing your checkbook.

It is important to balancing checking accounts regularly Do so will help you… – Identify mistakes that you or the bank made. – Catch identity theft. – Avoid balance checks(manage overdraft fees) Mrs. Reed's Work and Family Studies3

The goal of balancing checking accounts are: Make sure you know how much money you have. Make sure the bank has not lost your money overcharged you. Match your records with the bank’s records. Catch mistakes before it is to late. Mrs. Reed's Work and Family Studies4

5 Payment Deposit s $ Numbe r DateDescription of Transaction Debit(-) Cod e Credits(+) 31-Dec Interest $1.00 $ Dec ATM Service Charge $2.00 $ Jan Pollywog $5.25 $ Jan Deposit $45.00 $ Jan Wall Painting $10.50 $ Jan Perk's $15.00 $ Jan Deposit $56.00 $ Jan City Swimmers $25.00 $ Jan ATM Withdrawal $10.00 $ Jan Credit Card $45.00 $ Jan Deposit $30.00 $ Jan WWW Internet $9.95 $54.97 Match Check register with Bank Statement

Review each item in register. Put check marks by items that are on both register and statement. If something is missing from your check register, add it.(unless you think it is a mistake.) Add up all deposit and withdrawal(check/debit cards/ electronic payments.) Mrs. Reed's Work and Family Studies6

Find outstanding Transactions Next. Look through your check register for any transactions that does not have checkmark. (That means they did not appear on bank statement. They are called outstanding because the bank has not processed them.) Total Outstanding deposits Total Outstanding Payments(checks/debit cards/ eletronic payments). Mrs. Reed's Work and Family Studies7

Run the Numbers Start with zero. Add “Bank Balance” Add Outstanding Deposits total Subtract Outstanding payments(checks/debit cards/electronic payments). The results should be the exact amount you show in your check register. Mrs. Reed's Work and Family Studies8

Fix Mistakes If numbers do not match, you need to figure out why. If you find fraud or bank mistake, contact the bank immediately – otherwise you might have to leave with the problem. In most cases, the numbers do nut match because of: – Math mistakes – Forgotten bank fees/payment to be recorded – Transposed numbers (345 becomes 354) Mrs. Reed's Work and Family Studies9

Summary 1.Write down last balance from Bank statement. 2.Total outstanding deposits. Add this to the bank balance. 3.Total outstanding payments(checks/debit cards/ electronic payments) 4.Add outstanding deposits to bank statements to bank balance. Subtract from step 2. This amount should agree with your check register. Mrs. Reed's Work and Family Studies10

Example Bank Statement Balance: $ Outstanding Deposits Total: Outstanding Payment Total: This amount should agree with your check book: = $ Mrs. Reed's Work and Family Studies11

Your Task Real life Practice – Reconcile your checkbook. Mrs. Reed's Work and Family Studies12