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Banking Accounting (Yesi, chelsea, Claire)

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yesenia tellez

on 30 April 2010

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Transcript of Banking Accounting (Yesi, chelsea, Claire)

Checkbooks Types of checks Replacement check: A check drawn to take the place of a cancelled or redrawn check.

Paid check: Any check that has been duly charged by the bank against the University's account.
Steps to mainting a checkbook
Bank accounting consists in making written, permanent records of every transaction. Every penny must be accounted for. It would not be impossible, but it would be entirely impractical, to enter every figure directly on the statement of condition. Reconcile your checks. You want to make sure that the amounts you have written on your checks match what is on your bank statement. It is best if you have a copy of the checks that have been processed, canceled, or voided to verify the amounts. You need to place a check mark beside the checks on your checkbook register that are on your bank statement. If you notice there are some checks that have not been posted don’t worry. This will be covered in later steps. Right now all you need to do is check off the checks that are listed on your bank statement Record interest earned and bank fees. This is one step that most people miss when its time to balance your checkbook. You will need to look at your bank statement and record any fees or interest amounts and record them in your bank register. This amount may not be much but it will affect your bottom line.

Calculate your balance. Take the ending balance located on your bank statement and place is on line one. On line two enter the total amount of outstanding deposits from the outstanding deposits column. On line three enter the total amount from the outstanding checks column. Now that is complete you are ready to calculate your balance. It is best to use a calculator for this step to ensure it is 100 percent accurate. The equation is ending balance plus outstanding deposits minus outstanding checks equals new balance. This total should match the ending balance in your checkbook register. If it doesn’t match you will need to re check the amounts entered to make sure they were entered correctly. One common mistake is when you enter $35 instead of $53. Now you know how to balance a checkbook on your own. List outstanding checks. Outstanding checks include checks that you have written that have not been posted to your account, ATM withdrawals and debit purchases. You can use the balancing form on the back of your statement or download one off the Internet. List all outstanding checks in the second column on your balancing form and total the column Reconcile your ATM withdrawals and debit card purchases.Once again, go through and check off all of your ATM withdrawals and debit card purchases that are listed on your bank statement. If you see any transactions on your bank statement that you didn’t record in your checkbook register, then copy the amounts from the bank statement to your checkbook register.
Bank accounts A bank account is a financial account with a banking institution, recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank
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