Bank Account Reconciliation. Reconciling The process of matching your checkbook register with the bank statement is known as reconciliation. The back.

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Presentation transcript:

Bank Account Reconciliation

Reconciling The process of matching your checkbook register with the bank statement is known as reconciliation. The back of your statement is usually printed with a form (balance sheet) to aid you in reconciling.

What is a bank statement? A bank statement is a monthly report or bill from a bank.

Example

Bank Statements Monthly Statements List: –Checks received and processed by bank –Withdrawals –Deposits –Service charges/Fees –Interest –Online Payments

Know… The balance your checkbook shows will not always match the ending balance on the bank statement.

What you need.. Bank statement Balance sheet Checkbook register

Examples

Remember.. Add (+) Deposits Interest earned Subtract (-) Service fees or other charges Interest paid

Step One Make a checkmark next to every transaction in your check register that shows up on your bank statement. Be certain to make sure that the transaction amount for each check or transaction in your register is equal to what the bank has on record.

Step Two Record any fees or interest earned listed on your bank statement in your register. Be sure to checkmark these once you are sure you have written down the correct amount.

Step Three On a balancing sheet, write down all checks, debit card transactions or payments from your register that have not posted on the bank statement. Total this list.

Step Four On the balancing sheet, write down all the deposits from the bank statement that are not recorded in your register. Total this list.

Step Five Enter you statement ending balance on the appropriate line on the balancing sheet.

Step Six Enter the total outstanding deposits on the appropriate line on the balancing sheet.

Step Seven Enter the total outstanding checks, debit card transactions, and payments on the appropriate line on the balancing sheet.

Step Eight The new balance should equal the ending balance in your checkbook register.