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Reconcile a Bank Statement

This guide covers the essential concepts of bank reconciliation, highlighting the differences between bank statements and checkbook terminology. Learn about outstanding deposits, checks, and withdrawals that affect your account balance. Discover the process of reconciling a checkbook, which involves verifying the bank's records with your own. By comparing your check register with the bank statement and tracking outstanding transactions, you can ensure an accurate account balance. This resource also includes practical examples and questions to enhance understanding.

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Reconcile a Bank Statement

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Presentation Transcript

  1. Reconcile a Bank Statement Section 3.2

  2. Reconcile a Bank Statement • What is the difference between: a) Bank Statement b) Checkbook

  3. Terminology • Outstanding Deposit • Deposit that has not been recorded by the bank yet • Outstanding Check • Check that you wrote that has not been cashed yet • Outstanding Withdrawal • Withdrawal you made that has not been recorded yet • Could be at ATM transaction, debit card use, etc…

  4. Reconciling a Checkbook • The process in which you verify the bank’s records • Use done in a check register (checkbook) • Gives you an accurate count of the money you have in your account

  5. Example • Compare entries in check register with the bank statement. • Put a  next to any deposit or check listed on the bank statement • List all outstanding checks, deposits, and withdrawals • Calculate actual amount in bank account

  6. Questions… • Ending Balance from statement • Deposits Outstanding • Checks Outstanding • Revised statement balance • Balance from checkbook

  7. Individual Work • $2,368.29 • $300 • $119 • $2,549.29 • $2,549.29

  8. Class Work • Complete numbers 1-5 on worksheet • Complete numbers 1-5 on page 127

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