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CFM

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
1   Go to your statements and check off each transaction in your register - making sure the amounts match, too.  
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2   Jot down any bank fees you didn't have listed in your register and subtract them from your register balance.  
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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.  
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4   From the amount, subtract any payments and withdrawals you made that weren't listed on your statement yet.  
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5   What's the total? If the adjusted bank statement balance matches your register balance, congratulations, you're done.  
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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.  
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7   Once you find the error, make the adjustment in your register and you're done.  
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Outstanding   Meaning that you recorded the transaction but the transaction hasn't yet been processed by the bank.  
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Withdrawal   The act of taking money out of an account.  
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Created by: Blissful_Olive
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