Sample free download excel petty cash book template exceltemple petty cash tracking template excel, Your bank will send you a copy or make it online at the end of each month. This statement will list all of your deposits, along with any ATM withdrawals and debit card purchases. Once you have your statement, it’s time to reconcile the bank statement with your checkbook. A bank reconciliation template will make it easier to compare the two sets.
You can also track outstanding checks and deposits on the reconciliation form so you can add them to your balance in your bank account. This will help you not think you have more than you actually do. You can track every transaction and keep a better eye on your spending habits. This can help you set up and maintain your budget. People often find that if their bank accounts are not reconciled every month, they end-up overdrafting. This can lead them to paying high fees for overdraft fees, and even bad check costs.
You should also use a template to reconcile your bank account monthly. This will enable you to spot any accounting errors (both yours and those of the banks) much earlier. In turn, it could help save you overdraft fees as well embarrassment such as a check bounce and a debit card declined. This form allows for you to list every transaction that you have recorded in the checkbook, along with the ones that are held by the bank. Reconciliation occurs once you have matched all transactions and are left only with those that you show that the bank does not. It should match the bank’s information by subtracting these transactions from the balance.
A variety of websites offer templates online for bank reconciliations. The process is very simple, so it is important to choose a template that does not add complexity. Most importantly you need to make sure you reconcile your account every month so that you can spot any problems that occur in their tracks before they end up costing you a lot of money