Check Register Reconciliation

Slides:

Advertisements

Similar presentations

Reconciling the trust to the bank account By-Law 9 SS 18(8) requires that you reconcile the two records by the 25th of each month relating to all trust.

Advertisements

Reconcile a Bank Statement

Checks & Payment Methods Ch PoB The First Deposit Starts with providing personal data and a sample of your signature Signature Card – document.

Checking Account Register

Chapter 3, Section 2 Checking Accounts.

Prepare a deposit slip Record entries in a check register

BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa –

Do Now At the end of the month you get sent a bank statement. You notice the balance is not the same as your checkbook register. What are the possible.

Money on demand! The Checking Account

2013.  Reconcile your checking account  Create bank reconciliation reports  Find errors during reconciliation  Correct errors found during reconciliation.

Bank Reconciliation. What is bank reconciliation? A process that allows individuals to compare their personal bank account records to the bank's records.

Bank Reconciliation Objective 4.02D Students will understand and complete the bank reconciliation process.

Unit 3: Financial Institutions & Banking Systems

Banking and Finance Business and Computer Science Mr. Dukes.

Common payment services What are the common payment services provided by financial institutions? 1.

Chapter 3 Banking Services

Chapter 5 – The Banking System Lesson 5-1: Checking Accounts

Checks & Payment Methods CHAPTER 17, SECTION 3. The following are some of the benefits that checking accounts provide for consumers. Convenience and ease.

Checking Accounts Chapter 29.

Why It’s Important Paying with checks is the most common and safest medium of exchange.

Chapter 7 Banking Services. How Banks Work 7.1 The Role of Banks Types of Money.

Checks, Deposits, Registers, and Reconciliations.

Checking Accounts Step 5 – Reconciling with Your Bank.

Checking Accounts Chapter 9. Basics Check: ▫Written order to bank to pay the amount stated to the person or business named on it. Demand deposit: ▫Money.

Section 2Reconciling the Bank Account What You’ll Learn  Why a business reconciles a bank statement.  How to journalize and post entries relating to.

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

Chapter 8 Fraud, Internal Control, Cash. Fraud What contributes to fraud? – Opportunity – Financial Pressure – Rationalization.

Chapter 5 The Banking System. Slide 2 What Is the Purpose of a Checking Account? 5-1 Checking Accounts A checking account is a demand deposit account.

Personal Finance The Parts of a Check.

Bank Reconciliation Section 7.4. Reconciling your account Banks send statements monthly Banks send statements monthly Cancelled checks may accompany statement.

Ms. Smith. 1. Choose a bank. 2. Pick the product you want (individual or joint). 3. Provide your information. 4. Agree to terms. 5. Congratulate yourself!

© Family Economics & Financial Education – May 2006 – Get Ready to Take Charge of Your Finances – Checking Account & Debit Card Simulation Funded by a.

The Bank Statement A Bank Statement is an itemized record of all the transactions in a depositor’s account over a given period of time, usually one month.

Personal Finance 101. Your most recent bank statement and/or cancelled checks A checkbook balancing form Your checkbook register A calculator and pencil.

Banking Services 7.3 Reconcile your checkbook. 7.3 Balance your checkbook Goals: ◦Identify information that is provided on a checking account statement.

Fraud, Internal Control, Cash

GOALS BUSINESS MATH© Thomson/South-WesternLesson 3.4Slide 1 3.4Check Register Reconciliation Reconcile a bank statement Reconcile and correct a check register.

PRODUCTS OF BANKING. Endorsements Before you cash, deposit, or transfer a check to someone else, you must first endorse the check. Endorse: to sign your.

Choosing and Balancing a Checking Account Personal Finance.

Banking Services 7.3 Balance your checkbook. Goals: ◦Identify information that is provided on a checking account statement. ◦Explain how to reconcile.

Reconcile a Bank Statement UNIT 1 LESSON 2. First… some definitions  Bank statement  Shows all transactions that have occurred during the month  Statement.

9.3 Accounting Controls for Cash Bank Reconciliation Both the bank & the business keep a record of cash for the business but at the end of the month the.

Cash controls and banking activities

SECTION 4-5 Reconciling the Bank Statement pp

Bank Reconciliation. Process of balancing your check book Compare your bank statement to your records in QuickBooks to ensure that bank shows what you.

What are check OVERDRAFTS and how can this impact my account and other accounts? 1. Why should I maintain a check register? 3. How do I reconcile.

4.1 D EPOSITS Deposit: The amount of money that you put into a bank account. Complete a deposit slip. What is the purpose of a deposit slip? ATM (Automatic.

Balance Checking Accounts Balance Regularly 1Mrs. Reed's Work and Family Studies.

Prepared by Johnny Howard © 2015 South-Western, a part of Cengage Learning.

Bank Reconciliation Objective 4.02D Students will understand and complete the bank reconciliation process.

Prepared by Johnny Howard © 2015 South-Western, a part of Cengage Learning.

Chapter 4 Banking McGraw-Hill/Irwin Copyright © 2003 by The McGraw-Hill Companies, Inc. All rights reserved.

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 4-5, Slide 1 of Reconciling the Bank Statement pp SECTION.

Do Now : Why does the bank issue a bank statement? Homework : Bank statement worksheet Aim : How can we analyze a bank statement?

Checks, Deposits, Registers, and Reconciliations.

More about checking … Completing the checking packet.

Banking Procedures Chapter 11, Section 1. Internal Controls steps business itself takes to protect cash and other assets ► Limit people who have access.

Topic 5 – Tracking Your Money

Reconciling a Bank Statement

Sarbanes-Oxley, Internal Control, and Cash

Summary of Bank Reconciling Items

Bank Account Reconciliation

Warmup What is the difference between a debit and a credit?

Chapter 3 Banking Services

Tracking, Balancing, Reconciling

Banking Lesson 4.3.

DO NOT WRITE BELOW THIS LINE

3.4 CHECK REGISTER RECONCILIATION

You Better Reconcile.

Banking Skill 10.

Presentation transcript:

Check Register Reconciliation Chapter 3, Section 4 Check Register Reconciliation

What’s a bank statement? Your bank keeps track of your transactions on a bank statement and then sends it to you each month (via mail or online). Items on the statement include: Checks written ATM/debit card use Deposits made Interest earned Service charges

What if a check that I’ve written isn’t listed on my statement? If there are checks listed in your register that aren’t listed on the bank statement they are called “outstanding checks.” This means that they have not yet been processed and paid by the bank—thus not subtracted from your account yet.

So how do I know if my register balance is correct? If you have outstanding checks, interest earned, or service fees your register balance will not match the statement balance. To figure out if your register is correct you must reconcile your checking account. To reconcile means to bring both balances of the register and bank statement into agreement.

So how do I reconcile? Step 1: Compare the register to the bank statement. Place a checkmark beside the checks that are in your register and listed on the statement. Any checks that are not check-marked are outstanding. Step 2: Look at the statement. If there are any fees or interest earned on the bank statement you will need to put it on your register. Add it if it’s interest earned, subtract it if it’s a fee. If there are any deductions (debit card/ATM, checks, payments) you forgot to write down, you must subtract those from your register too! Step 3: Complete the bank reconciliation form.

How do I complete a reconciliation form? Step 1: Add up all of your outstanding checks (the ones without a check-mark). Step 2: Write the ending statement balance (found on the bank statement) on line 1. Step 3:See if there are any outstanding deposits (deposits that are on the statement that you may have forgot to write down). If there are add them and place the total on line 2. Step 4: Total the bank statement balance and the outstanding deposits. Step 5: Subtract the outstanding checks total. Step 6: The number you have after this should match your check register balance.

Practice Check your understanding A, C, & E. P. 107, 5-10