OBJECTIVES. Key Terms. Section 3.2: RECONCILE A BANK STATEMENT. Reconcile a checking account with a bank statement by hand.
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1 Section 3.2: RECONCILE A BANK STATEMENT OBJECTIVES Reconcile a checking account with a bank statement by hand. Key Terms account number bank statement statement period starting balance ending balance outstanding deposits outstanding checks balancing reconciling Section 3.2 1
2 Vocabulary: Bank Statements A customer keeps a record of all transactions concerning checking accounts in a paper or electronic check register. The bank also keeps a record of all transactions. Every month, the bank provides a statement listing all transactions and balances for the account. Vocabulary: Bank Statements Bank Statement Includes all transactions that have occurred for a period of time approximately one month Account Number Appears on all checks, deposit slips, and paper and electronic bank statements Statement Period Indicates the dates in which the transactions occurred. Section 3.2 2
3 Vocabulary: Bank Statements Starting Balance Amount of money in a checking account at the beginning of a statement period Ending Balance Amount of money in a checking account at the end of a statement period Vocabulary: Bank Statements Outstanding Checks Checks that do not appear on the statement Outstanding Deposits Deposits that do not appear on the statement Deposits section shows the money that was put into the account during the statement period Section 3.2 3
4 What does it mean to reconcile a bank statement? Have you ever received a check and did not deposit it or cash it right away? Remember: The customer keeps their own record of transactions, including deposits, checks, and debits, and current balance. Let s say grandma gave you a check for $50 for your birthday. Grandma deducts the $50 from her checking account balance. However, weeks go by and you did not deposit her check. Remember: The bank also keeps a record of all transactions they receive for the customer s account. Does the bank know that grandma wrote you the $50 check? Is the balance the bank has on file the same as the balance that grandma calculated? What does it mean to reconcile a bank statement? Does the bank know that grandma wrote you the $50 check? No, the bank does not know it was written and given to you. The bank will not know until you deposit or cash the check and it clears grandma s account. Is the balance the bank has on file the same as the balance that grandma calculated? No, the balance is different. The balances will not be equal until the check clears grandma s account. You deposit the $50 check in your account. Within a few business days, the check clears grandma s account. Meaning $50 is deducted from grandma s account. Section 3.2 4
5 What does it mean to reconcile a bank statement? All account transactions for a particular month may not be listed on the monthly bank statement. Some transactions may have occurred after the statement closing date or have yet to occur at all. These transactions will eventually appear on a future statement, but are recorded in your check register and included in your balance. You will need to adjust the balance on your bank statement for these outstanding transactions to determine if your statement reconciles. How to reconcile a bank statement: Start with the statement ending balance. Determine any outstanding deposits and add them to the statement ending balance. Determine any outstanding checks and subtract them to the statement ending balance. Compare the statement ending balance to the check register balance. Match? The statement reconciles Different? Look for the mistake! Section 3.2 5
6 Example 1 Monica received her October bank statement and is going to reconcile her checking account. She found a difference of $260 between her register (cash book) and bank statement and tells Chandler that her account does not reconcile. Is she correct? Explain your answer. No, the balance is different. The balances will not be equal until the check clears grandma s account. Example 2 Phoebe has a balance of $1,078 in her check register. The balance on her bank account statement is $ Not reported on her bank statement are deposits of $575 and $250 and two checks for $195 and $ Is her check register balanced? Explain. Section 3.2 6
7 Example 3 Ross and Rachel have a joint checking account. They have a balance of $3, in the check register. The balance on the bank statement is $3, Not reported on the statement are deposits of $2,000, $135.67, $254.77, and $ and four checks for $567.89, $23.83, $598.33, and $1,000. Reconcile the bank statement. Example 4 The next slide has a bank statement and check register for Michael s checking account. Does Michael s account reconcile? Section 3.2 7
8 Section 3.2 8
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