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Reconciling Your Checking Account Bank Statement: The banks record of the transactions that occurred in your checking account. Reconciling a Bank Statement: Checking the banks record with your personal

How to fill out reconciling your checking account

How to fill out reconciling your checking account:

1. Gather your bank statements: Start by collecting your monthly bank statements for the checking account you want to reconcile. These statements typically list all the transactions that occurred in your account during a specific period.
2. Compare transactions: Go through the transactions listed on your bank statement and compare them to your own records, such as checkbook register or electronic banking records. Make sure all the transactions match and there are no errors or discrepancies.
3. Note any outstanding checks or deposits: While comparing transactions, mark any outstanding checks that have not yet cleared the bank. Similarly, note any deposits that are recorded in your records but have not yet been added to your bank statement.
4. Adjust for outstanding items: To reconcile your account, you need to adjust for outstanding checks and deposits. Add the amounts of outstanding deposits to your bank statement balance and subtract the amounts of outstanding checks from your bank statement balance. This will give you an adjusted bank statement balance.
5. Update your own records: Based on the adjustments you made for outstanding items, update your own records, such as your checkbook register or electronic banking records. Make sure the new balance in your records matches the adjusted bank statement balance.
6. Calculate the reconciliation: To ensure that all your records are in line with the bank statement, calculate the reconciliation. Start with your bank statement balance and add any deposits that are not on the statement. Then subtract any outstanding checks that are still pending. This should give you the same balance as your own record.
7. Verify the reconciliation: Double-check your calculations and ensure that the reconciliation is accurate. Review your transactions one last time to make sure everything is accounted for.

Who needs reconciling your checking account?

Reconciling your checking account is crucial for anyone who has a checking account and wants to keep track of their finances accurately. This includes individuals who regularly make transactions using their checking account, as well as small business owners who rely on their checking account for business transactions. Reconciliation helps identify any discrepancies, errors, or fraudulent activities in the account, providing a clear picture of the actual balance and ensuring that all transactions are properly recorded.

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