5 2 bank reconciliation
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5.2 Bank Reconciliation. Bank Statement. A report of deposits, withdrawals, and bank balances sent to a depositor by a bank. Find the following: Deposits – Beenish Checks cashed - Morgan Final balance - Logan Number of checks written - Rachel Service charges - Carly Interest – Megan

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5.2 Bank Reconciliation

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5 2 bank reconciliation

5.2 Bank Reconciliation


Bank statement

Bank Statement

  • A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.

  • Find the following:

    • Deposits – Beenish

    • Checks cashed - Morgan

    • Final balance - Logan

    • Number of checks written - Rachel

    • Service charges - Carly

    • Interest – Megan

    • Account number – Tessa

    • Number of deposits - Tim

See picture on pg. 124


Canceled checks

Canceled Checks

Canceled

  • The bank stamps checks that are deposited/cashed to indicate that the checks are canceled and are not to be transferred further.Bank knows now

  • They may be returned to a depositor (you) or may be kept on record by the bank.


Outstanding checks deposits

Outstanding Checks & Deposits

  • Out. Check = checks issued by a depositor (you) but not yet cashed by the recipient; they are not reported on a bank statement(you know…bank doesn’t)

  • Out. Dep. = deposits made at a bank by you but not yet shown on the bank statement


Brittany vs k fed

Brittany vs. K-Fed.

  • Reconcile –

    • To re-establish friendship between

    • To settle

    • To bring oneself to acceptance

    • To make consistent or compatible

“Britney Spears divorcing Kevin Federline

Cites irreconcilable differences; she seeks custody of couple's two sons”


Why might i not agree w the bank

Why might I not agree w/the bank?

  • A service charge may not have been recorded in the depositor's (your) business records

    • Bank took $3.00 out of your account because you used the ATM over 4 times that month

  • Outstanding deposits may be recorded in the depositor’s records but not on a bank statement

    • You deposited $ into your acct. on Friday, and it won’t post until Monday…your statement arrives in your mailbox Monday…(end of the month)


More reasons

More reasons…

  • Outstanding checks may be recorded in the depositor’s records but not on a bank statement

    • The checks you wrote to people have not been cashed by the time your statement is produced.

  • A depositor may have made math or recording errors. (Transpose) ($34.56 vs. $34.65)

  • Joint account confusion = lack of communication

    • Husband writes check for yearbook but does not record it in the register


Reconciled and it feels so good

Reconciled and it feels so good!

  • Name that song!

  • When our balance in our checkbook register agrees with the bank statement balance, we have reconciled!

  • Do monthly when your statement arrives by mail or check online banking


Service charges

Service Charges

  • See pgs. 126/127

  • Recorded as a Miscellaneous Expense

  • Memo is the source document

  • WT & OYO in Aplia


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