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

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Presentation transcript:

Banking Services 7.3 Reconcile your checkbook

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

Key Terms Cancelled check

Your bank statement At the end of the month, your bank sends you a statement which includes: ◦All of your transactions that have been recorded by the bank ◦Any fees that have been charged to your account over that month. Balancing or reconciling your checkbook occurs when you compare your check register to your bank statement to make sure you or the bank didn’t make a mistake.

File your records Keep all of your records, file them chronologically by date in case there is ever a question regarding your account. Banks keep images of every check that has been paid, these are cancelled checks, they are also sent to you now on your statements.

Reconciling your checkbook Steps: 1.Compare your bank statement to your check register and check off every transaction in your register that appears on your bank statement. 2.Complete the account reconciliation form provided by the bank on the back of your bank statement to make sure the adjusted balances are equal.