Free vacation and sick time accrual spreadsheet in vacation tracking vacation sick time tracking template sample, At the end of every month your bank will either mail you a copy of your statement or make a copy of it available online. This statement will show each deposit you have made along with all of the checks that have cleared and any debit card purchases and ATM withdrawals. Once you have the statement, it is time to reconcile both your bank statements and your checkbook. The best way is to use a bank reconciliation templates that will help you compare both 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. Many people discover that they don’t take the time to reconcile bank accounts each month. This can lead to overdrafting of their accounts which can result in high overdraft fees or bad check charges.
The other benefit of using a template for reconciling your account on a monthly schedule is that it allows you to identify any accounting error at an earlier stage. This could result in you saving overdraft fees, embarrassment and having your debit card declined or a check bounce. You can list all transactions that you have made in your bank account, as well as those that the bank has. Reconciliation occurs once you have matched all transactions and are left only with those that you show that the bank does not. By subtracting these from the balance you show, it should match what the bank shows.
You can find many sites that offer bank reconciliation templates online. This will make it much easier to complete each month. You should ensure that the template chosen is simple and does not make it more complicated. 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