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How to reconcile acc
CFM
| Term | Definition |
|---|---|
| 1 | Go to your statements and check off each transaction in your register - making sure the amounts match, too. |
| 2 | Jot down any bank fees you didn't have listed in your register and subtract them from your register balance. |
| 3 | On a separate sheet of paper, take the ending balance on the bank statement and add any deposits you made that the bank didn't post yet. |
| 4 | From the amount, subtract any payments and withdrawals you made that weren't listed on your statement yet. |
| 5 | What's the total? If the adjusted bank statement balance matches your register balance, congratulations, you're done. |
| 6 | If it doesn't, figure out what the difference is. Then compare the transactions between your register and the statement to find where you might have miscalculated in your register or inaccurately recordedna transaction. |
| 7 | Once you find the error, make the adjustment in your register and you're done. |
| Outstanding | Meaning that you recorded the transaction but the transaction hasn't yet been processed by the bank. |
| Withdrawal | The act of taking money out of an account. |
Created by:
Blissful_Olive
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