Reconciliation Definition: to have two items agree Review handout on reconciliation basics Definition: adjusted balance- New balance for checkbook and bank statement after the reconciliation process has been completed.
What do we do with the following exercise? Student with cards move to the front of the room.
Reconciliation Example Reconcile the following bank statement and checkbook register. You must have your adjusted balance completed to receive full credit. Note: the numbers on both sides must equal. Bank Statement Ending Balance: $5,000 Check Register Ending Balance: $5,800 Reconcile the differencesuse tick marks!
Continued The following items were not found in both the checkbook register and the bank statement. Service Fees $4.00 Interest Earned $ 12.00 Check Fees $8.00 Outstanding Deposits $850.00 Outstanding Checks $ 85.00 Checkbook error (forgot to record in register a check for $35.00)