JOB SKILL 14-5

Reconcile a Bank Statement

JOB SKILL 14-5 Reconcile a Bank Statement Name Date Score Performance Objective Task: Reconcile a bank statement Conditions: Need: Computer with Internet connection Blank Form 57 (Bank Reconciliation Worksheet) Pen or pencil Refer to: Bank statement shown following this exercise Textbook Procedure 14-3 for step-by-step directions. Standards: Complete all steps listed in this skill in minutes with a minimum score of (Time element and accuracy criteria may be given by Instructor) Time: Start: Completed: Total: minutes Scoring: One point for each step performed satisfactorily unless otherwise listed or weighted by instructor Directions with Performance Evaluation Checklist 1st Attempt 2nd Attempt 3rd Attempt Gather materials (equipment and supplies) listed under Conditions. /10 /10 /10 / 1. You compare and check off each transaction recorded in your checkbook with those listed in this statement and discover the following outstanding checks: No. 318 for $25, No. 337 for $60, No. 338 for $78, No. 340 for $15, and No. 341 for $18.20. Record these on the reconciliation form under "Outstanding Checks." /10 2. Add the total of outstanding checks and record on the reconciliation form. 74 /4 /4 3. Assume you made deposits of $3500 on June 30, 20xx, and 51800 on July 2, 20xx, which do not show on the statement. Record these on the reconciliation form under "Deposits Not Credited." 74 /4 /4 4. Add the total of deposits not credited and record on the reconciliation form. /2 /2 /2 5. Enter the ending statement balance on the reconciliation form. /2 /2 /2 6. Add the total of the deposits not credited to the ending statement balance and record (making a note of the subtotal). /2 /2 /2 7. Subtract the total of the outstanding checks from the figure determined in step 6 and record. 8. Verify the adjusted total you determined with the checkbook balance, which is $6807.89 9. Do these figures match and does the checkbook balance? ? If not, repeat the above steps, recalculating figures. Complete within specified time. . /38 /38 /38 Total points earned (To obtain a percentage score, divide the total points earned by the number of points possible.) /10 /10 BANK STATEMENT RECONCILIATION FOUR EASY STEPS TO HELP YOU BALANCE YOUR CHECKBOOK 1. UPDATE YOUR CHECKBOOK Compare and check off each transaction recorded in your check register with those listed on this statement. These include checks, direct deposits, direct debits, deposits, ATM transactions, etc. Add interest and subtract service charges. 2. DETERMINE OUTSTANDING ITEMS Use the charts below to list transactions shown in your check register but not included on this statement. Include any from previous months. . OUTSTANDING CHECKS OR OTHER WITHDRAWALS CHECK NO AMOUNT CHECK NO. AMOUNT $ $ DEPOSITS NOT CREDITED DATE AMOUNT $ TOTAL $ TOTAL $ 3. BALANCE YOUR ACCOUNT Enter Ending Statement Balance shown on this statement. Add deposits listed in your register and not shown on this statement. $ + Subtract outstanding checks/withdrawals. ADJUSTED TOTAL (should agree with your checkbook balance) . $ 4. IF THE BALANCE IN YOUR CHECKBOOK DOES NOT AGREE WITH THE ADJUSTED TOTAL, THEN Check all addition and subtraction. . . Make sure all outstanding checks, withdrawals, and deposits have been listed in the appropriate chart above. Compare the amount of each check, withdrawal, and deposit in your checkbook with the amounts on this statement. Review the figures on last month's statement