September 30, 2011 Objective: Students will apply how to use a checking account by filling out deposit slips, writing checks, using checkbook registers,

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Presentation transcript:

September 30, 2011 Objective: Students will apply how to use a checking account by filling out deposit slips, writing checks, using checkbook registers, and preparing bank reconciliations.

Terms Deposit Slip: A written notification accompanying a bank deposit which specifies and categorizes the funds (such as checks, bills, and coins) being deposited. Check Register: An informal record of all deposits to and withdrawals from a given checking account. Check: A negotiable instrument drawn against deposited funds, to pay a specified amount of money to a specific person upon demand.

Credit/Debit Comparison Terms Credit: A journal entry recording an increase in assets. Credit Card: Any card that may be used repeatedly to borrow money on credit. Debit: A journal entry recording a decrease in assets. Debit Card: A card which allows customers to access their funds immediately, electronically. Unlike a credit card, a debit card does not have any float.

Parts of a Check Checks are preprinted with a person’s name and address. Checks are preprinted with the details of the owner’s bank account printed on it. Checks are preprinted with a number in the right- hand corner. The signature line is the verification of ownership

Account Information Routing Number: 8 digit number that identifies the specific bank your account is at. Account Number: Number assigned by your bank which identifies your account with their institution. MICR line: The line on a check which allows the check information to be read by machines.

Funds When writing a check there needs to be money in the account. How can you keep track of the deposits and debits from the account? The check register

Check Register

Conclusion What was our objective for today? On Monday you will work in pairs to complete a check register, check, and deposit slip activity.