BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .
-
Upload
emil-mosley -
Category
Documents
-
view
221 -
download
1
Transcript of BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .
![Page 1: BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .](https://reader030.fdocuments.in/reader030/viewer/2022032703/56649d315503460f94a09b7d/html5/thumbnails/1.jpg)
BANKING PART 7BANKING PART 7CHECKBOOK BALANCING CHECKBOOK BALANCING
Mr. Stasa – http://northbiz.weebly.com
![Page 2: BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .](https://reader030.fdocuments.in/reader030/viewer/2022032703/56649d315503460f94a09b7d/html5/thumbnails/2.jpg)
By the end of today’s lesson you will be able to do the following:
1. Understand the importance of balancing a checkbook
2. Understand the differences between an outstanding check and outstanding deposit
3. Balance a checkbook
![Page 3: BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .](https://reader030.fdocuments.in/reader030/viewer/2022032703/56649d315503460f94a09b7d/html5/thumbnails/3.jpg)
What do you Need?
1. Checkbook register2. Recent bank statement3. Reconciliation form
![Page 4: BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .](https://reader030.fdocuments.in/reader030/viewer/2022032703/56649d315503460f94a09b7d/html5/thumbnails/4.jpg)
Why Reconcile?
• Allows you to check your bank statement and checkbook register for errors
• Maintain an accurate account balance• Alert of identity theft early on
![Page 5: BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .](https://reader030.fdocuments.in/reader030/viewer/2022032703/56649d315503460f94a09b7d/html5/thumbnails/5.jpg)
Outstanding checks are checks which have been issued by the payer (you), but have not yet been printed on a bank statement.
Outstanding deposits are deposits made at a bank but have not yet been printed on a bank statement.
A bank reconciliation form accounts for the differences between the bank statement and a checkbook balance
![Page 6: BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .](https://reader030.fdocuments.in/reader030/viewer/2022032703/56649d315503460f94a09b7d/html5/thumbnails/6.jpg)
Checkbook Register
Bank Statement
![Page 7: BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .](https://reader030.fdocuments.in/reader030/viewer/2022032703/56649d315503460f94a09b7d/html5/thumbnails/7.jpg)
register
5/5/15
Account Fee 10 00
41 89
10 00
register balance 31 89
5/5/15 30 00
75 00
30 00
105 00
100 23 11
73 11
31 89
101 50 00
Our checkbook register has an ending balance of $41.89 and our bank statement has a balance of $75.00. We have two outstanding checks: #100 for $23.11 and #101 for $50.00. We have one outstanding deposit for $30.00. There is one account fee for $10.00
![Page 8: BANKING PART 7 CHECKBOOK BALANCING Mr. Stasa – .](https://reader030.fdocuments.in/reader030/viewer/2022032703/56649d315503460f94a09b7d/html5/thumbnails/8.jpg)
You should now be able to do the following:
1. Understand the importance of balancing a checkbook
2. Understand the differences between an outstanding check and outstanding deposit
3. Balance a checkbook