Do Now : Why does the bank issue a bank statement? Homework : Bank statement worksheet Aim : How can we analyze a bank statement?

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Reconcile a Bank Statement

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Presentation transcript:

Do Now : Why does the bank issue a bank statement? Homework : Bank statement worksheet Aim : How can we analyze a bank statement?

Cell Phone Bill

Bank Statements $ Bank Statement: –A record –Sent once per month –Summary of all transactions in an account during the statement period $Can be received in two ways: 1. Paper Statement 2.Electronic Statement

$ Statement Period: transactions that took place during a specific time. $ Account Number What is on your Bank Statement?

$ Account Summary: –Previous and current balance –Cleared checks that have been deposited and withdrawn –ATM withdrawals –Debit Card Charges –interest earned and any other fees What is on your Bank Statement?

Sample Bank Statement

Why check your bank statement? $The balance reported on your bank statement may be different from your check register. –Is the bank always right? Bank Statement Activity

Aim: What is a bank reconciliation and how do we correctly perform one? Do Now: Why is your bank statement balance not the most accurate?

Things to consider… The balance reported on your bank statement may be different from your check register. Outstanding Checks: Checks you wrote but were not cleared by the bank yet. Late Deposits: Deposits you made but are not listed on the Bank Statement. –(aka Outstanding Deposits)

Bank Reconciliation To determine your true balance, you can fill out a bank reconciliation A bank reconciliation is a report that accounts for the differences between the bank statement balance and your checkbook balance. This process is called “balancing your checkbook”.

The process BANK - OUTSTANDING CHECKS + LATE DEPOSITS CHECKBOOK REGISTER - FEES + INTEREST