CALCULATE: Reconcile Your Checkbook

If you track your monthly checking account transactions manually, it's important to compare your records with those of the bank's to make sure you have an accurate knowledge of how much is in your account! In this activity, you will reconcile (or compare/match) a sample checkbook register and bank statement.

Part I: Definitions

Review the definitions below of the three things you need to reconcile your checkbook:

• Checkbook Register - Your Record of your transactions (page 2)
• Note: You can access an editable version of this checkbook register here.
• Bank Statement - The Bank's Record of your transactions (page 3)
• Reconciliation Worksheet - How you identify the missing transactions between the two (page 4).

Part II: Reconcile Your Checkbook

1. Match the Checkbook Register up with the Bank Statement.

1. If a transaction is in both documents check it off in the Checkbook Register in the checkmark column.

1. If a transaction appears only in the Checkbook Register but NOT the Bank Statement list that transaction in the Reconciliation Worksheet.

1. If a transaction appears only in the Bank Statement but NOT the Checkbook Register add it to your Checkbook Register.

1. How do you know when you are done? The total balance in your Checkbook Register matches the total balance in the Reconciliation Worksheet.

Sample Completed Checkbook Register

Sample Bank Account Statement

MEMBER STATEMENT

Your Credit Union

Anyplace USA

Page 1 of 1

Thomas B. Anderson

2063 Pleasant Road

Anywhere, USA 12345

Statement Closing Date

July 31, 20XX

PREMIUM SHARE DRAFT ACCOUNT

Beginning Balance on June 30, 20XX

$ 800.00

Deposits and other additions

$ 1100.00

Checks paid and other subtractions

$ 229.72

Trans

Date

Description

Debits

Credits

New Balance

6/30

Beginning balance

800.00

7/5

Check No. 5103

59.99

740.01

7/8

ACH: Payroll

500.00

1240.01

7/15

Check No. 5105

50.00

1190.01

7/19

ATM: Withdrawal S51491 6

43.00

1147.01

7/21

ACH: Payroll

600.00

1747.01

7/22

ATM: Withdrawal S98754 2

20.00

1727.01

7/22

ACH: Internet Company

56.73

1670.28

7/31

Closing balance

1670.28

Reconciliation Worksheet

OUTSTANDING CHECKS

NUMBER

AMOUNT

TOTAL

ENDING BALANCE SHOWN

ON BANK STATEMENT

________________

(+) PLUS DEPOSITS

NOT SHOWN ON THIS STATEMENT

________________

SUB-TOTAL

________________

(-) LESS TOTAL OUTSTANDING CHECKS

________________

EQUALS ADJUSTED ENDING BALANCE

________________

Adjusted ending balance shown above should agree with the balance shown in your Checkbook Register.

Note: Be sure to deduct any charges, fees, or withdrawals shown on your statement (but not in your Checkbook Register) that may apply to your account. Also, be sure to add any dividends or any deposits shown on your statement (but not in your Checkbook Register) that apply to your account.

1. What is the ACTUAL Balance in my Checking Account?

1. Why is knowing this important?