Checking Accounts Step 5 – Reconciling with Your Bank.

Slides:

Advertisements

Similar presentations

Reconcile a Bank Statement

Advertisements

Balancing Your Checking Account All firms must reconcile their check book balances with the balances reported to them by their banks.

Checking Account Register

Chapter 9 Review. Parts of a Check 7 89 Date line Payee Numeric amount Written amount Memo Signature Check # Bank routing and account #’s.

Checking Account & Debit Card Simulation

Banking Basics. Getting the idea Banks have different types of accounts for your money. A bank account earns interest if the bank pays you an additional.

Chapter 3, Section 2 Checking Accounts.

BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa –

Accounting #4 Bank Reconciliation

Do Now At the end of the month you get sent a bank statement. You notice the balance is not the same as your checkbook register. What are the possible.

Business Math, Eighth Edition Cleaves/Hobbs © 2009 Pearson Education, Inc. Upper Saddle River, NJ All Rights Reserved Bank Records Checking account.

Checking Accounts. Things Not To Do Don’t write checks for more money than you have in your account. ▫You could be charged an overdraft fee by your financial.

Bank Reconciliation. What is bank reconciliation? A process that allows individuals to compare their personal bank account records to the bank's records.

Bank Reconciliation Objective 4.02D Students will understand and complete the bank reconciliation process.

Banking and Finance Business and Computer Science Mr. Dukes.

Chapter 3 Banking Services

 CONVENIENT  HELPS YOU KEEP TRACK OF MONEY: USING THE CHECK REGISTER OR ONLINE BANKING  SAVES YOU MONEY – EXPENSES ARE LESS THAN MONEY ORDERS.

Checking Accounts Chapter 29.

Why It’s Important Paying with checks is the most common and safest medium of exchange.

Chapter 7 Banking Services. How Banks Work 7.1 The Role of Banks Types of Money.

1 Business Math Chapter 4: Banking. Cleaves/Hobbs: Business Math, 7e Copyright 2005 by Pearson Education, Inc. Upper Saddle River, NJ All Rights.

Teen Living Review Objective Expense Expense = anything a person spends money on – Rent/house payment – Car – Clothes – Food – Entertainment –

How do you write a check? Mr. SmithDate ____________ Any street Any City, State Amount____________ Amount____________ Pay to the order of ____________________________________.

Bank Account Reconciliation. Reconciling The process of matching your checkbook register with the bank statement is known as reconciliation. The back.

Chapter 5 The Banking System. Slide 2 What Is the Purpose of a Checking Account? 5-1 Checking Accounts A checking account is a demand deposit account.

Business Mathematics Seminar 2. Round to a Specific Decimal Place 1. Find the digit in the specified place. 2. Look at the next digit to the right. –If.

Balancing a Check Register:. Check Register: A personal record of the transactions against a checking account.

Personal Finance The Parts of a Check.

Bank Reconciliation Section 7.4. Reconciling your account Banks send statements monthly Banks send statements monthly Cancelled checks may accompany statement.

Check Register Reconciliation

Ms. Smith. 1. Choose a bank. 2. Pick the product you want (individual or joint). 3. Provide your information. 4. Agree to terms. 5. Congratulate yourself!

© Family Economics & Financial Education – May 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation Funded by a.

MAINTAINING A CHECKBOOK REGISTER BANKING PART 6 Mr. Stasa

The Bank Statement A Bank Statement is an itemized record of all the transactions in a depositor’s account over a given period of time, usually one month.

Personal Finance 101. Your most recent bank statement and/or cancelled checks A checkbook balancing form Your checkbook register A calculator and pencil.

Banking Services 7.3 Reconcile your checkbook. 7.3 Balance your checkbook Goals: ◦Identify information that is provided on a checking account statement.

Banking Vocabulary.

Checking Account. Key Terms Check Online and smartphone banking Deposit/credit Automated Teller Machines (ATMs) Debit Overdrawn Balance/reconcile Overdraft.

Chapter 9 – Checking Accounts & Banking. Checking Account Check: written order to a bank to pay a specific amount to a person/business (payee) Canceled.

Key Terms Section 7.1  Are funds you deposit in a bank more secure than money you keep in your bedroom? *Inflation *FDIC *Bartering *Currency *Check *Payee.

Financial Services and Institutions Name_____________________________ 1.

Identify and define the types of accounts available. Analyze account management strategies Correctly fill out a check, deposit slip, and check register.

GOALS BUSINESS MATH© Thomson/South-WesternLesson 3.4Slide 1 3.4Check Register Reconciliation Reconcile a bank statement Reconcile and correct a check register.

Choosing and Balancing a Checking Account Personal Finance.

Banking Services 7.3 Balance your checkbook. Goals: ◦Identify information that is provided on a checking account statement. ◦Explain how to reconcile.

Reconcile a Bank Statement UNIT 1 LESSON 2. First… some definitions  Bank statement  Shows all transactions that have occurred during the month  Statement.

Lesson Four- Objective: Complete month two of the checking account simulation.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 5-2 Bank Reconciliation.

Checking and Banking

Cash controls and banking activities

Reconcile a Bank Statement

Where Do You Save Your $$$ ? Gr. 4 Financial Literacy.

What are check OVERDRAFTS and how can this impact my account and other accounts? 1. Why should I maintain a check register? 3. How do I reconcile.

Personal Finance Section Opening and Managing a Checking Account.

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

Do Now Why do people have checking accounts?. Unit 4: Lesson 13: Checking Accounts Day 1 Objective: identify vocabulary terms related to checking accounts.

Prepared by Johnny Howard © 2015 South-Western, a part of Cengage Learning.

Bank Reconciliation Objective 4.02D Students will understand and complete the bank reconciliation process.

Prepared by Johnny Howard © 2015 South-Western, a part of Cengage Learning.

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

More about checking … Completing the checking packet.

Bank Account Reconciliation

Warmup What is the difference between a debit and a credit?

Check Writing All About Checks.

Banking Lesson 4.3.

DO NOT WRITE BELOW THIS LINE

You Better Reconcile.

Review What is the difference between simple interest and compound interest? Which will earn more? What 4 methods can you use to take money out of a checking.

Banking Skill 10.

Checking Account Vocabulary

Presentation transcript:

Checking Accounts Step 5 – Reconciling with Your Bank

Terms To Know - Review Reconcile – Matching your balance with the bank’s Transaction – Any amount taken from or added to your account Check Register – A small booklet to record all transactions Outstanding Check/Deposit – A check written or deposit made, but not yet cleared through your bank Overdrawn – Writing a check for more money than the actual amount you have in your checking account Bank Fees – monthly service fee, overdrawn fee

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit500.00

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit Grocery store

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit Grocery store Movie theater, debit card

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit Grocery store Movie theater, debit card ATM withdrawal

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit Grocery store Movie theater, debit card ATM withdrawal Electric company

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit Grocery store Movie theater, debit card ATM withdrawal Electric company Deposit - paycheck

Bank Statement My Bank 123 Main Street Hometown, TX Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $396.58

Bank Statement My Bank 123 Main Street Hometown, TX Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $396.58

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store Movie theater, debit card ATM withdrawal Electric company Deposit - paycheck

Bank Statement My Bank 123 Main Street Hometown, TX Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $396.58

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store Movie theater, debit card20.00√ ATM withdrawal Electric company Deposit - paycheck

Bank Statement My Bank 123 Main Street Hometown, TX Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $396.58

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store38.42√ Movie theater, debit card20.00√ ATM withdrawal Electric company Deposit - paycheck

Bank Statement My Bank 123 Main Street Hometown, TX Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $396.58

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store38.42√ Movie theater, debit card20.00√ ATM withdrawal Electric company Deposit - paycheck Service fee5.00√ You will need to add the service fee transaction to your checkbook register and update your balance.

Bank Statement My Bank 123 Main Street Hometown, TX Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $396.58

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store38.42√ Movie theater, debit card20.00√ ATM withdrawal40.00√ Electric company Deposit - paycheck Service fee5.00√568.40

Checkbook Register #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store38.42√ Movie theater, debit card20.00√ ATM withdrawal40.00√ Electric company Deposit - paycheck Service fee5.00√ Two items NOT included on the bank statement

Reconciling Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $ #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store38.42√ Movie theater, debit card20.00√ ATM withdrawal40.00√ Electric company Deposit - paycheck Service fee5.00√ Checkbook Balance$568.40

Reconciling Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $ #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store38.42√ Movie theater, debit card20.00√ ATM withdrawal40.00√ Electric company Deposit - paycheck Service fee5.00√

Reconciling Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $ #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store38.42√ Movie theater, debit card20.00√ ATM withdrawal40.00√ Electric company Deposit - paycheck Service fee5.00√

Reconciling Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $ #DateDescriptionPayment√DepositBalance Opening deposit√ Grocery store38.42√ Movie theater, debit card20.00√ ATM withdrawal40.00√ Electric company Deposit - paycheck Service fee5.00√ $ Bank = Checkbook

Reconciling Completed Congratulations! Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $ $ $ $ Bank = Checkbook

Keys to Successful Reconciliation Identifying exactly what transactions are on the bank statement AND your checkbook register Identifying what transactions are on the bank statement and NOT yet on your register Identifying what transactions are on your register and are NOT yet included on your bank statement

Checking Accounts What’s Next? Effectively maintaining your account … The benefits of doing so, the consequences of not.