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Basic Bookkeeping

Save on Accounting Fees

Lesson 2 - How to Reconcile your Bank Statement - Sample

Bookkeeping Function in Detail

Preparing a bank reconciliation statement on a periodic basis is an important cash control procedure. It serves to verify the balance of cash shown on your books against the balance shown on the bank statement. Those two balances are rarely equal due to timing in recording transactions and errors made by the bank or the depositor. The bank reconciliation can highlight any errors recorded in either your business books or in the bank statements.

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This topic demonstrates the process of bank reconciliation

Bank Statement Sample

Checking Account Statement - Date 8/01/2014 - 8/31/2014

Description Amount


Item # Adjustment to Books
Bank balance - Prev's Month Bal. 17,210.55 1 None
7 Debits -2,441.67 2 Debit expense, credit cash
Service charge -19.99 3 Debit expense, credit cash
2 Credits 2,210.00 4 Credit Sales, debit cash
1 Counter Check - 500.00 5 Debit Draw or, Advance, Loan, credit cash
Interest income 5.25 6 Debit cash, credit interest income
Ending Bank Balance - August 31, 2014 16,464.14 7 None

Deposit and Other Credits

8/04 $1,210.00 8/22 $1,000.00

Other Debits

8/25 Aetna Health Ins. Electronic Debit $227.60

Checks

Ck 997 $87.32 Ck 1001 $57.32 Ck 1002 $600.00
Ck 1003 $145.24 Ck 1004 $995.60 Ck 1005 $250.00
Ck 1006 $78.59

Bank Reconciliation Sample

Bank Name: Your America Bank Account ...4536


Checking Account Statement - Ending 8/31/2014 Amount
Bank balance - Ending Balance 16,464.14
Add: Deposit(s) in transit 2,200.00
Net Amount 18,664.14
Subtract Checks Outstanding:
Ck # Description
1008 Discount Auto 50.00
1009 Peace River Electric 180.00
Deduct Total Checks Outstanding 230.00
Net Ending Bank Balance 18,434.14
General Ledger Balance - Per Your Books Amount
Book Balance - 7/31/2014 17,123.23 Item # 1
Bank Deposits 2,210.00
Deposits in Transit 2,200.00
Interest Income 5.25
August Cheks Disbursement - 2,126.75
Checks Outstanding - 230.00
Bank Charges - 19.99
Automatic Debit - Aetna - 227.60
Others - Counter Draw -500.00
Net Ending Bank Book Balance 18,434.14

From your Bank Statement (Sample) - Activity for the Month of August 2014

Date Ck # Description Amount Sales Office Supplies Rent Auto Expense Bank Charges. Advert. Repairs Utilities Misc. Equip. Transaction Details
7/30/2014 997 Ace Hardware -87.32 87.32
8/01/2014 1001 Office Max -57.32 57.32
8/01/2014 1002 MG Properties -600.00 600.00
8/04/2014 Deposits 1210.00 -1210.00
8/08/2014 1003 Bell Telephones -145.24 145.24
8/14/2014 1004 Office Depot -995.60 995.60 HP Computer
8/18/2014 Draw -500.00 500.00 Draw/Advance
8/22/2014 1005 Bank of America -250.00 250.00 Credit Card Pymt
8/22/2014 Bank of America 5.25 -5.25 Interest Earned
8/22/2014 Deposit 1000.00 -1000.00 Investment/ by Owner
8/22/2014 1006 BillBoard Inc -78.59 78.59
8/22/2014 Bank Charge -19.99 19.99 Bank Charge
8/245/2014 1007 Void Voided Check
8/25/2014 Aetna Health Ins. -227.60 227.60 Auto Withdrawals -
8/31/2014 1008 Discount Auto -50.00 50.00 Check Outstanding
8/31/2014 1009 Peace River Elec -180.00 180.00 Check Outstanding
8/31/2014 Deposit 2200.00 -2200.00 Deposit in Transit
Totals -3410.00 57.32 600.00 50.00 19.99 78.59 87.32 180.00 145.24 995.60

Please note: Our explanation that are provided on our web site for "How to Calculate Futa and Suta taxes" are only meant to provide general guidance and estimates about the payroll process. They should not be relied upon to calculate exact taxes, payroll or other financial data. You should consult with a professional advisor or accountant regarding your specific payroll concerns.

Please note: Our explanation that are provided on our web site for "How to Calculate Futa and Suta taxes" are only meant to provide general guidance and estimates about the payroll process. They should not be relied upon to calculate exact taxes, payroll or other financial data. You should consult with a professional advisor or accountant regarding your specific payroll concerns.

"How to"... Instructions

"Save on Accounting Fees"

•J/E Bank Statement on Spreadsheet »

• Bank Reconciliation »

"How to"... Instructions

• Employee Payroll Checks »

• FUTA & SUTA Taxes »

• Make Checkstubs »

• About EFTPS »

• Independent Contractor - 1099 »

• Health Insurance Deductions »

• Difference between PEO and ASO »

• Why Do I Need Workers' Comp? »


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