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How to Properly Perform Bank Reconciliations
1. Begin with recording the balance from your books and the bank balance that is shown
on the monthly statement you receive. ( Books: $5,385..95 , Bank: $5,535.80 )
2. On the bank side, subtract any outstanding checks that you see recorded on your
books that have not yet been received by the bank. ( $267.08 )
3. Also on the bank side of your paper, you then need to add into that balance any
deposits that are showing on your books, but not on your bank statement.
(
$78.58
)
4. Now on your books side subtract any kind of bank fee that is being charged to you.
(
$38.65
)(don’t forget to record the bank fee in your books)**
5. You should then have an adjusted bank balance as well as an adjusted
book balance, they should now equal. ( Book: $5,347.30 , Bank: $5,347.30 )
Example: Book
Balance:
General Fund: $3,694.33
Water Fund:
927.78
Sewer Fund:
763.84
$5,385..95
Less: Bank Charges not on books
$38.65
Adjusted Book Balance:
$5,347.30