These are also great skills for youth to learn in a 4-H club setting before heading off into life on their own. This process is important whether managing your personal account or serving in the role of a club or group treasurer. Step 8: Congratulations! You have reconciled your bank statement with your checkbook register and truly know how much money you have at your disposal. Complete the steps until your account is reconciled with the bank statement. You can also ask a trusted friend or professional to help you out. Step 7: If the two numbers are still not matching, take a break and look at it later. The checkbook register balance should now match the revised bank statement balance you created. Whatever error you find, list the current date on a new entry line in your checkbook and add or subtract to resolve the issue. If nothing is missing, check your math since the last time the register was balanced (the last little check mark in front of the register balance number.) Sometimes there is a math error that can be fixed, sometimes you may have listed an item twice. If not, make sure you did not miss anything from the checkbook register or the bank statement. This will allow you to know the last time you balanced your checkbook by looking at your register. Does it match what is in the checkbook register? If it does, put a small check in front of the ending balance in your checkbook register and put a check mark in front of the ending balance on your statement. Step 6: Compare the number you have just calculated. + $30 (deposit of babysitting cash at ATM) For instance, if the bank statement ending balance is $215.34 and your checkbook register shows you deposited $30 and have a check (#2088) paid to a neighbor for $34, set it up this way: Add or subtract all of the items from the checkbook register that do not have check marks next to them. Take the ending balance number from the bank statement and write it on the back or bottom of the statement.
This is where you have the most current information on how much money you truly have available. These could be checks that have not cleared yet, deposits the financial institution has not received yet or ATM/debit card transactions that have not gone through at the machine/store. Step 5: Look at your check book register for all items that do not have checks in the check column. If the two numbers are not the same, move to Step #5. Are they the same? If so, you are done! Put a small check in front of the ending balance in your checkbook register and put a check mark in front of the ending balance on your statement.
Step 4: Compare the ending balance you now have on your checkbook register with what you have on the bank statement. If the items are valid and you do not need to contest them, add them to the check book register, check off those columns and check the item off on the statement. It could be interest you earned to add to your account. It could be an automatic payment or a bank fee you forgot to record in your checkbook register. Step 3: For items not checked off on your statement, look at whether they are valid or not. In the check column of the register, check off each item that appears on the statement. Step 2: Compare your statement to the register. Step 1: Gather your bank statement, calculator, pen and your check book register. How do you reconcile your statement and your account register? Follow these steps for success. It is important you not rely on the ATM printout or online statement because only you have the current record of your finances. Balancing and reconciling checking accounts is an important skill personally and within group treasuries.
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