Checking Account Reconciliation Form Guide

 

After you have set up your financial account, your bank will then issue you a register. This is a tiny book that allows you to keep track of the existing balance of your account. The bank will also issue the account statement every month, either through email or direct mail. The delivery method is contingent upon your preference. Once you receive your bank statement, it is recommended to compare the withdrawal and deposit listed in your register. This process is called reconciling, and you can do this with the help of a checking account reconciliation form.

 

Why Checking Account Reconciliation Form is Essential

 

Checkbook reconciliation form is essential due to various reasons. For instance, because there is a delay on the bank's monthly closing and the time you get the personal copy of your closing statement, the transaction that will happen during this delay will be documented in your register and will not appear on the statement. You may use your checking account reconciliation form in reconciling.

 

It Gives a Comprehensive Record of Financial Transactions

 

Debits and checks on your account will not be received by your bank when you write the checks. The checks you wrote during the past but are not cashed will be recorded in the register and will not appear in your statement. Also, some adjustments on your financial account are executed behind the scene, such as through EFT (Electronic Fund Transfer). It is not the bank's responsibility to inform you about the occurrence of EFT. It is relatively easy for them to forget to record this transaction into your register. This is where the checking account reconciliation form plays a crucial role.

 

Prevent Overdraft Charges

 

Those who are not religiously using the checking account reconciliation form are exposed to the risk of having an overdraft charge. If these overdraft charges are not reconciled, they can pile up over time, making it difficult to correct them. To avoid these overdraft charges, regular reconciliation when you receive your banking statement is necessary.

 

What to Expect?

 

For those who never experienced checking reconciliation before, the process is relatively easy, especially with the help of checking account reconciliation form. The first thing you need to do is examine the various lines in your statement and make sure that it is recorded in your register. Ensure that the amount recorded is similar. Using a reconciliation form, list all the deposits and the withdrawal and compute the total. Subtract the total deposit to the withdrawal, and the result will be your adjusted balance. Compare your register balance to your statement balance and determine if they are the same. On the off chance that they are not, you need to fix or find the error resulting from the unbalanced account.