1. Checking Accounts
Chapter 29

2. Today’s Schedule Review of Monday’s Quiz Homework Check
We will review tomorrow
Assignment of Homework
Chapter 29
Quiz

3. Monday’s Quiz What are the three types of checking accounts?
Regular, Interest-Bearing, Joint
Writing checks for more money than you have in your account is known as Overdrawing
List two of the 4 account services listed in the book.
Debit Cards, Online Checking, Overdraft Protection, Stop Payment
Extra Credit – The DLS Alumni Association was incorporated in what year? 1895

4. Homework Check

5. Homework Final Project Marketing Plan (5 points)
Event brochures/literature/etc.
Who will you invite and how?
How will you market/publicize the event?
How will you reach your targeted group?
Due 11/16/06 – Thursday

6. Account Records
Checking accounts allow you to keep financial records on transactions
Keep track of income and expenses

7. Writing a Check Payee Drawer Drawee
Party to whom the check is written and will cash the check
Drawer
Writer of the check and is paying the money
Drawee
Bank or Financial Institution where the drawer has the account

8. Writing a Check Check Register (Checkbook) When writing a check:
Checkbook log where you keep track of all your checking transactions
When writing a check:
Record the Check #
Record the Amount
Record the Date
Record the payee
Purpose Line of the Check
Put Account Numbers when paying bills

9. Sample Check Register

10. Depositing a Check Deposit Ticket or Deposit Slip
Lists:
Amount of Cash, Checks, & Total being deposited
Requires an endorsement (signature)
Always record deposits in the check register
ATM Machines usually don’t require a deposit ticket

11. Bank Statements
Bank’s record of all the transactions in your checking account
Includes withdrawals, deposits, interest, and fees
Includes canceled checks
Checks you have written that have been cashed
Proof that money has been paid to payees

12. Bank Reconciliation Reconcile – Bring into agreement or balance
Process of seeing whether your records agree with the bank’s records for your account
How do you reconcile?
Balance your checkbook
Search for and find errors

13. Balancing Your Checkbook
Step 1:
Check to see if the bank has processed all your checks and deposits
Outstanding Checks – Checks that have been written but not cashed
Subtract outstanding check amount from the balance on your bank statement

14. Balancing Your Checkbook
Step 2:
Add deposits that have been made but not recorded
Remember service fees that a bank may have charged you
Add interest if applicable
After checking outstanding checks and deposits, check register should match bank statement
If so, you have reconciled
If not…

15. Find Errors
Check your records to see if you’ve written the correct numbers
Check additions and subtractions
Check to see the correct balance was carried over on each page of the check register
Recheck outstanding checks and deposits not yet processed
Check the bank’s additions & subtractions
Report them if you find them immediately

16. Quiz There are three parties named on a check. Name them. (3 points)
______ is a checkbook log where you keep track of all your checking transactions (3 points)
There are two steps you can take to reconcile your check register & bank statement. What are they? (4 points)
Who is De La Salle’s Executive Vice President? (1 point)