Steps To Reconcile Your Checking Account

Written by editor on July 3, 2017 Categories: Business and Management Tags: , , , , ,

If you are the kind of person who stashes away his or her bank statements once you receive them and don’t take time to look at them, you are making a very big financial mistake. The best thing to do for the sake of your finances is to go through your financial statements every month and reconcile your checking accounts. This will help you manage your finances well and identify the bank errors. What are the steps for reconciling your account?

  • Check all your receipts and make sure all your withdrawals and deposits are listed down in your checkbook register.
  • Place a check mark to make sure you have all the transactions listed. Place the check mark next to all the transactions in the check book register.
  • Sum up all the transactions recorded in your register, which are not on your statement. Subtract from your statement balance if it’s a negative sum and add to your account balance if it’s a positive sum.

To know that you have completed your reconciliation process, the sum should match the total amount in your register. If by any chance your balance does not match with the amount in your register, there should be a missing transaction record in your register. In such a case look for the missing record. If it doesn’t change the situation, go back to all the transactions and go through them one by one and confirm all the financial statements and then clear your problem. You can  get more information at website.

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