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Reconcile a Bank Statement

Reconcile a Bank Statement. Section 3.2. Reconcile a Bank Statement. What is the difference between: a) Bank Statement b) Checkbook. 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

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Reconcile a Bank Statement

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  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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