Reconcile a Bank Statement

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Presentation transcript:

Reconcile a Bank Statement Section 3.2

Reconcile a Bank Statement What is the difference between: a) Bank Statement b) Checkbook

Terminology Outstanding Deposit Outstanding Check Deposit that has not been recorded by the bank yet Outstanding Check Check that you wrote that has not been cashed yet Outstanding Withdrawal Withdrawal you made that has not been recorded yet Could be at ATM transaction, debit card use, etc…

Reconciling a Checkbook The process in which you verify the bank’s records Use done in a check register (checkbook) Gives you an accurate count of the money you have in your account

Example Compare entries in check register with the bank statement. Put a  next to any deposit or check listed on the bank statement List all outstanding checks, deposits, and withdrawals Calculate actual amount in bank account

Questions… Ending Balance from statement Deposits Outstanding Checks Outstanding Revised statement balance Balance from checkbook

Individual Work $2,368.29 $300 $119 $2,549.29

Class Work Complete numbers 1-5 on worksheet Complete numbers 1-5 on page 127