194 Unit 2 Managing Your Finances
This statement usually begins with a summary of your account. It will tell
you the beginning balance, the total amount of checks and other payments,
the total of deposits and credits, and the ending balance. The summary
will be followed by a detailed listing of
•
checks paid, with the date, number, and amount of each
•
other items paid, such as withdrawals, fees, and bills you authorized
the bank to pay for you
•
deposits and credits, with the dates, descriptions, and amounts
Canceled checks or photocopies of checks paid from your account may be
enclosed with the statement. The fi rst step in balancing your checkbook is to
compare the canceled checks with those recorded in your checkbook register.
Compare the deposits in your register with those on the statement and any
receipts you may have. Check ATM transactions and fees recorded in your reg-
ister against those on the statement. If the statement shows any service charges,
subtract these from the balance shown in your register. Contact your bank if
the statement lists questionable fees or items of which you have no record.
Next, account for the checks, ATM transactions, and deposits you
made that have not yet appeared on your statement. There is a worksheet
on the back of most bank statements for this, 8-12. On the worksheet, fol-
low these steps:
1. On the fi rst line, write the closing balance as shown on the bank
statement.
BALANCING WORKSHEET
CHECKS AND DEBITS OUTSTANDING
(Written but not shown on
statement because not yet
received by Bank.)
MONTH , 20
BANK BALANCE
shown on this statement
$
ADD+
$
TOTAL $
DEPOSITS made but
not shown on statement
because made or
received after date of
this statement.
SUBTRACT–
CHECKS
OUTSTANDING $
BALANCE $
The above balance should be same as
the up-to-date balance in your checkbook.
TOTAL
NO.498
. . . . . . . . .
. . . . . . . . . . . . . . .
March -- xx
48.73
125.00
173.73
68.40
68 40
15 00
28 40
499
25 00
ATM
105.33
8-12
This type of worksheet and
directions for balancing
an account will appear
on the back of most bank
statements.