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Mastering Bank Statement Reconciliation: Best Practices & Techniques

Learn how to reconcile a checking account with a bank statement manually or using a spreadsheet. Understand key terms, tools, and techniques for balancing and reconciling financial records effectively.

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Mastering Bank Statement Reconciliation: Best Practices & Techniques

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  1. 3-2RECONCILE A BANK STATEMENT OBJECTIVES Reconcilea checking account with a bank statement by hand and by using a spreadsheet.

  2. account number bank statement statement period starting balance ending balance outstanding deposits outstanding checks balancing reconciling Key Terms

  3. Example 1 The next slide has a bank statement and check register for Michael Biak’s checking account. What steps are needed to reconcile Michael’s bank statement?

  4. CHECK YOUR UNDERSTANDING Name some reasons why a check may not have cleared during the monthly cycle and appear on the bank statement.

  5. Example 2 Use algebraic formulas and statements to model the check register balancing process.

  6. CHECK YOUR UNDERSTANDING Nancy has a balance of $1,078 in her check register. The balance on her bank account statement is $885.84. Not reported on her bank statement are deposits of $575 and $250 and two checks for $195 and $437.84. Is her check register balanced? Explain.

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