Don't just throw your monthly bank statements into a drawer. Take time to go through your statements and reconcile your checking or savings accounts to catch bank mistakes, spot deceitful activity, and keep track of how much money you have.
Account Reconciliation Process
Bank account reconciliation must be done each month. Waiting too long to reconcile your savings or checking account raises the potential for making errors during the procedure and ups the chance that your account could be compromised. Use these tips to assistance make bank account reconciliation stress-free and less worrying.
Record all transactions in your checking or savings account register. Save your receipts and ATM slips for all deposits (credits) and withdrawals (debits) so you can check them when you receive your bank statement. Your statement's ending balance possibly won't match the balance on your account register if there are transactions that haven't so far cleared.
Place a check mark next to all transactions that appear on your statement, such as deposits, interest, checks, electronic transfers, fees, and ATM withdrawals. These items have remained cleared at the bank. If your statement shows interest earned or banking fees that you haven't recorded in your register, write them in now and adjust your register's balance consequently.
Add up all deposits that you recorded in your register but that are not on your statement. These items have not cleared yet. Total up any withdrawals, containing fees, that isn’t on the statement but that are recorded in your register. These items also haven't cleared so far.
To do reconciliation, you'll require writing down the ending balance from your account statement, and then adding the amount of the deposits that have not cleared so far.
Subtract the amount of all withdrawals that were not on the statement. This reconciled balance must agree with the amount in your register.
If your reconciled balance does not match what is in your register, you'll require to go back and look at each transaction to confirm you recorded the correct figures. First, see if the difference is divisible by 9. If it is, you possibly transferred a number--for instance, recording a $75 check as $57. The difference, $18, is divisible by 9.
Look for inconsistencies between what you recorded in your register and what showed up on the statement. If you think you imperfectly recorded the amount of a check in your register, get a copy of the check to authorize the amount. If the statement shows an improper amount, contact your bank to clear up the problematic.
Also look for transactions that show up on the statement but that you forgot to record in your register. If you seem to be short a lot of money, verify that all your deposits from preceding statement periods have cleared.
Reconciling your accounts will not only assistance you stay on top of how much cash you have, but also will assistance you regulate if you're paying too much for monthly service fees, overdraft charges, ATM fees, or other transactions.
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