Checking - Montgomery Township School District



Checking HYPERLINK "" \l "collection-play&id=917968dd-83cf-4a03-85e9-f964dc584143&subject=featured&lessonId=1&lid=b42dd951-fa2f-4429-95d8-7edcba5d88a4&eventid=33F80DFF-53F8-4FA9-BE3A-21C5E477E8FF" \h 1.3 Manage Your Checking AccountActivityNameReconcile Your CheckbookTo reconcile your checkbook, you need three things: Check Register - what you use to keep track of your transactionsBank Statement - the bank’s accounting of your transactionsReconciliation Worksheet - how you identify the missing transactions between the two.Follow this process to Solve the Riddle:Match bank statement up with checkbook register. Put check (√) next to each transaction in the Check Register that appears in the Bank Account Statement. This will help you determine if there are transactions in your Checkbook Register that are not in the Bank Account Statement. For example, maybe you wrote a check to a friend and they have not cashed it so it doesn’t show up on your bank statement. If a transaction appears in the Bank Account Statement that is NOT in your Checkbook Register be sure to add it to your Checkbook Register (as long as it is legitimate!). If a transaction appears in the Check Register that is NOT in your Bank Account Statement, then list that transaction in the Checking Account Reconciliation Worksheet.How do you know when you are done? Your Checkbook Register Balance (last column) matches the Adjusted Ending Balance in your Checking Account Reconciliation Worksheet. So, what riddle are you solving? What is the ACTUAL Balance in my Checking Account?Why is this important? One word: Overdraft. The next checking account lesson on fees will help you understand this better.Sample Completed Checkbook RegisterSample Bank Account StatementMEMBER STATEMENTYour Credit UnionAnyplace USA Page 1 of 1Thomas B. Anderson2063 Pleasant RoadAnywhere, USA 12345Statement Closing DateSeptember 30, 20XXPREMIUM SHARE DRAFT ACCOUNTBeginning Balance on August 30, 20XX$ 500.00Deposits and other additions+590.00Checks paid and other subtractions -122.88TransDateDescriptionDebitsCreditsNew Balance8/30Beginning balance 500.009/01Check No. 680155.63 444.379/04ACH: Payroll 235.00679.379/10Check No. 680325.00 654.379/17ATM: Withdrawal S51491 615.50 638.879/18ACH: Payroll 355.00993.879/23ACH: Energy Plus Utility26.75 967.129/30Closing balance 967.12?Blank Reconciliation Worksheet ??OUTSTANDING CHECKS?NUMBERAMOUNT????????????????????????????????????TOTAL?????ENDING BALANCE SHOWNON THIS STATEMENT _______________PLUS DEPOSITSNOT SHOWN ON THIS STATEMENT _______________SUB-TOTAL _______________LESS TOTAL OUTSTANDING CHECKS_______________EQUALS ADJUSTED ENDING BALANCE _______________ Adjusted ending balance shown above should agree with the balance shown in your checkbook register.?Note: Be sure to deduct any charges, fees, or withdrawals shown on your statement (but not in your checkbook register) that may apply to your account. Also, be sure to add any dividends or any deposits shown on your statement (but not in your checkbook register) that apply to your account.?You matched transactions between your statement and register and accounted for transactions that have not yet hit your bank statement. ................
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