Balancing your checkbook — Exercise

AlexSo let’s start balancing!

Instructions:
First, print this page with the checking account register, the bank account statement, and the bank account calculation worksheet (typically found on the back of the bank statement). Then follow the step-by-step instructions.

Alex’s Checking Account Register

Check # Date Transaction Description Payment/Debit (-) Deposit/Credit (+) Balance Forward 117.58
100 11-2 My School – Althetic fees 15.00   -15.00
102.58
11-18 Deposit – Transfer from savings account 30.00 +30.00
132.58
101 11-21 Gift Shop – Present for Teresa 8.57 -8.57
124.01
102 11-28 Sporting Good Store – Sweatshirt 49. 67 -49.67
74.34

 

Bank Statement

Savings Account Statement November 1 – November 30
Final balance as of November 30, 2005: $124.01

Deposits

Date Description $ Amount
11-18 Deposit 30.00
Total deposits 30.00

 

Withdrawals

Checks

Date Description $ Amount
100 Check withdrawal 15.00
101 Check withdrawal 8.57
Total checks 23.57

Other withdrawals

Date Description $ Amount
Total other withdrawals

 

Calculation Worksheet

What to do Amount
1. ENTER the NEW BALANCE shown on your statement:  
2. ADD any deposits listed in your register or transfers into your account which are not shown on your statement
3. CALCULATE the subtotal by adding # 1 and #2.
4. SUBTRACT the total outstanding checks and withdrawals not shown on your statement.
5. CALCULATE THE BALANCE Take the subtotal from #3 and subtract the number from #4. This amount should be the same as the current balance in your check register.

 

AlexStart by comparing your statement with your check register. Look at the withdrawals from your account and verify that all the amounts are correct. And remember your receipts for withdrawals and other transactions? Check them against your statement too. This is why it’s so important to keep your receipts!

  1. Now, in your register, put a checkmark next to the transactions that have been processed.
  2. Next, update your checkbook to include those items on your statement that you may have missed entering. It looks like there’s nothing missing here!
  3. Now, in part 1 of your worksheet, enter the ending balance found on the front of the statement.
  4. Then, in part 2, add up any deposits that are in your register but don’t appear on this statement. Remember, some checks may not have “cleared” the bank before the statement date.
  5. Now calculate the subtotal of parts 1 and 2 of the worksheet.
  6. Next, add up any checks or transactions that are in your register but not on the bank statement.
  7. Subtract part 4 from part 3 and enter the answer here.
  8. If you’ve recorded accurately and have done all the calculations carefully, the ending balance in part 5 should be the same as the final balance in your check register. It should “balance.”

Click the Next button to continue.