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Checking Accounts Step 5 – Reconciling with Your Bank.

Published byMarcus Peter Reynolds Modified over 9 years ago

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Presentation on theme: "Checking Accounts Step 5 – Reconciling with Your Bank."— Presentation transcript:

1 Checking Accounts Step 5 – Reconciling with Your Bank

2 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

3 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit500.00

4 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit500.00 10 1 10-23- 10 Grocery store38.42461.58

5 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit500.00 10 1 10-23- 10 Grocery store38.42461.58 10-23- 10 Movie theater, debit card20.00441.58

6 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit500.00 10 1 10-23- 10 Grocery store38.42461.58 10-23- 10 Movie theater, debit card20.00441.58 10-25- 10 ATM withdrawal40.00401.58

7 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit500.00 10 1 10-23- 10 Grocery store38.42461.58 10-23- 10 Movie theater, debit card20.00441.58 10-25- 10 ATM withdrawal40.00401.58 10 2 10-26- 10 Electric company53.18348.40

8 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit500.00 10 1 10-23- 10 Grocery store38.42461.58 10-23- 10 Movie theater, debit card20.00441.58 10-25- 10 ATM withdrawal40.00401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40

9 Bank Statement My Bank 123 Main Street Hometown, TX 98765 Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58

10 Bank Statement My Bank 123 Main Street Hometown, TX 98765 Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58

11 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42461.58 10-23- 10 Movie theater, debit card20.00441.58 10-25- 10 ATM withdrawal40.00401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40

12 Bank Statement My Bank 123 Main Street Hometown, TX 98765 Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58

13 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42461.58 10-23- 10 Movie theater, debit card20.00√441.58 10-25- 10 ATM withdrawal40.00401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40

14 Bank Statement My Bank 123 Main Street Hometown, TX 98765 Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58

15 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42√461.58 10-23- 10 Movie theater, debit card20.00√441.58 10-25- 10 ATM withdrawal40.00401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40

16 Bank Statement My Bank 123 Main Street Hometown, TX 98765 Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58

17 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42√461.58 10-23- 10 Movie theater, debit card20.00√441.58 10-25- 10 ATM withdrawal40.00401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40 10-25- 10 Service fee5.00√568.40 You will need to add the service fee transaction to your checkbook register and update your balance.

18 Bank Statement My Bank 123 Main Street Hometown, TX 98765 Statement – Nov. 2, 2010 Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58

19 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42√461.58 10-23- 10 Movie theater, debit card20.00√441.58 10-25- 10 ATM withdrawal40.00√401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40 10-25- 10 Service fee5.00√568.40

20 Checkbook Register #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42√461.58 10-23- 10 Movie theater, debit card20.00√441.58 10-25- 10 ATM withdrawal40.00√401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40 10-25- 10 Service fee5.00√568.40 Two items NOT included on the bank statement

21 Reconciling Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58 #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42√461.58 10-23- 10 Movie theater, debit card20.00√441.58 10-25- 10 ATM withdrawal40.00√401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40 10-25- 10 Service fee5.00√568.40 Checkbook Balance$568.40

22 Reconciling Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58 #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42√461.58 10-23- 10 Movie theater, debit card20.00√441.58 10-25- 10 ATM withdrawal40.00√401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40 10-25- 10 Service fee5.00√568.40 + 53.18

23 Reconciling Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58 #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42√461.58 10-23- 10 Movie theater, debit card20.00√441.58 10-25- 10 ATM withdrawal40.00√401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40 10-25- 10 Service fee5.00√568.40 + 53.18 - 225.00

24 Reconciling Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58 #DateDescriptionPayment√DepositBalance 10-21- 10 Opening deposit√500.00 10 1 10-23- 10 Grocery store38.42√461.58 10-23- 10 Movie theater, debit card20.00√441.58 10-25- 10 ATM withdrawal40.00√401.58 10 2 10-26- 10 Electric company53.18348.40 11-3-10Deposit - paycheck225.00573.40 10-25- 10 Service fee5.00√568.40 + 53.18 - 225.00 $396.58 Bank = Checkbook

25 Reconciling Completed Congratulations! Bank Statement Summary Total Deposits Total Withdrawals Balance on Nov. 1 $500.00 $103.42 $396.58 568.40 + 53.18 - 225.00 $396.58 Bank = Checkbook

26 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

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

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