10.15M

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Финансы

Бизнес

Banking

4-1
Learning Outcomes
Make account transactions.
Record account transactions.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

3. Make account transactions

4-1-1
Section 4-1
Checking Account Transactions
Checking account Registers or records …
provide written documentation of the funds that flow
into & out of the account.
– A transaction is a banking activity that changes the
amount of money in a bank account. + – Funds going into the account are deposits and are
recorded as a credit to the account.
– Funds going out from the account are wothdrawals
and are recorded as a Debit to the account.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

4. Make an account deposit

HOW TO:
Section 4-1
Make an account deposit
Checking Account Transactions
STEP 1
Record the date.
STEP 2
Enter the amount of currency and/or coins being
deposited.
STEP 3
List the amount of each check to be deposited
including an identifying name or company.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
MORE
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

5. Make an account deposit

HOW TO:
Make an account deposit
Section 4-1
Checking Account Transactions
STEP 4
Add the currency, coins and checks.
STEP 5
If the deposit for a personal account and you need
some money in cash, enter that amount on the line
“less cash received” and sign on the appropriate line.
STEP 6
Subtract the amount of cash received from the total
for the net deposit.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

6. If there is a mistake in the deposit:

Make an account deposit
HOW TO:
Section 4-1
Checking Account Transactions
If there is a mistake in the deposit:
The bank will issue a bank memo.
– An increase in the balance (or in your favor) is called
a credit memo.
– A decrease in the balance (or in the bank’s favor) is
called a debit memo.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

7.

Examples…
Section 4-1
Checking Account Transactions
Suppose Janice’s bank initially cleared a check for
$174.00 which Janice actually wrote for $147.00.
Would she receive a credit memo or a debit
memo once the bank detected its error?
A credit memo.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

8.

Section 4-1
Checking Account Transactions
Businesses that permit customers to use credit
cards to charge merchandise ordinarily receive
payment through electronic deposit from the
credit card or check processing company.
– Sometimes called point-of-sale transactions.
Visa®, MasterCard® and Discover® are examples
of major credit card companies that electronically
transmit funds to business accounts.
– Electronic funds transfers (EFTs).
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

9.

Section 4-1
Checking Account Transactions
Another type of electronic deposit is direct
deposit for payroll.
– Employees can access their paycheck funds directly
from their accounts.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

10.

Section 4-1
Checking Account Transactions
A withdrawal is a transaction which reduces
the amount of funds in the account.
– These transactions are called debits.
One bank record for withdrawals is a check or
bank draft.
– Another type of debit is through the use of a debit
card to pay for goods and services.
Withdrawing funds from an ATM will also
result in a debit to the account.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

11. Key Terms

Key Terms…
Section 4-1
Payee
Checking Account Transactions
Key Terms
– The one to whom the money on a check is paid.
Payor
– The bank or institution that pays the amount of the
check to the payee.
Maker
– The one authorizing the payment of the check.
Automatic Drafts
– Regular withdrawals that the owner of an account
authorizes to be made electronically.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

12. Key Terms

Key Terms…
Section 4-1
Signature card:
Checking Account Transactions
Key Terms
– Signature of those authorized to sign the checks for
a given account.
Personal identification number (PIN)
– A private code that is used to authorize a
transaction on a debit card or ATM card.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

13. Identify the elements of a check

Section 4-1
Checking Account Transactions
Identify the elements of a check
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

14.

HOW TO:
Make a withdrawal with a check
Section 4-1
Checking Account Transactions
STEP 1
Enter the date of the check.
STEP 2
Enter the name of the payee.
STEP 3
Enter the amount of the check in numerals.
MORE
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

15.

HOW TO:
Make a withdrawal with a check
Section 4-1
Checking Account Transactions
STEP 4
Write the amount of the check in words. Cents can
be written as a fraction of a dollar or decimal notation.
STEP 5
Explain the purpose of the check.
STEP 6
Sign the check.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

16. Identify the elements of a check

Key Terms…
Section 4-1
Check stub
Checking Account Transactions
Identify the elements of a check
– A form attached to the check for recording account
transactions that show the account balance.
Account register
– A separate form for recording all checking account
transactions. It also shows the account balance.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

17. Record account transactions

4-1-2
Section 4-1
Checking Account Transactions
Individuals and businesses with banking accounts
must record all transactions made to the account.
Make an entry for every account transaction.
For checks and other debits…
– Enter the date, amount of the check/debit, the
person or company receiving the check/debit,
and the purpose of the check/debit
– Subtract the amount of the check or debit from
the previous balance to obtain the new balance.
– For handwritten checks with stubs, carry the
new balance forward to the next stub.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

18. Record account transactions

4-1-2
Section 4-1
Checking Account Transactions
Individuals and businesses with banking accounts
must record all transactions made to the account.
Make an entry for every account transaction.
For deposits and other credits…
– Enter the date, the amount of the deposit or credit,
and a brief explanation of the deposit or credit.
– Add the amount of the deposit or credit to the
previous balance to obtain the new balance.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

19. Record account transactions

4-1-2
Section 4-1
Checking Account Transactions
Individuals and businesses with banking accounts
must record all transactions made to the account.
Make an entry for every account transaction.
On an electronic money management system…
– Enter the appropriate details for producing a check.
– Record other debits and all deposits and credits.
• The account register is maintained by the system automatically.
– For business accounts or personal accounts used for
tracking expenses, record the type of expense or
budget account number
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

20.

Endorsements
Section 4-1
Checking Account Transactions
Banks will require payees who are not account
holders to present identification before cashing a
check from their bank.
Account holders will be required to sign the
check and also record their account number
on the back of the check.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

21.

Key Terms…
Section 4-1
Checking Account Transactions
Endorsement
– A signature, stamp or electronic imprint on the back
of a check that authorizes payment in cash or directs
payment to a third party or account.
Simple endorsement
– The payee signs or stamps the back of the check to
deposit the amount in an account or to cash the check.
Restricted endorsement
– A type of endorsement that reassigns the check to a
different payee, or directs the check to be deposited
in a specified account.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

22.

HOW TO:
Section 4-1
Restricted Endorsements
Checking Account Transactions
In a restricted endorsement, the original payee
writes “pay to the order of,” lists the name of the
new payee, and signs the check.
Another type uses the phrase “for deposit only,”
and listing the account number—without actually
signing or endorsing the check.
These measures are intended to provide
greater security when handling checks.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

23.

24.

4-2
Learning Outcome
Reconcile a bank statement
with an account register.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

25.

Reconcile a bank statement
with an account register
4-2-1
Section 4-2
Bank Statements
Financial institutions provide account statements
to their checking account customers.
– To enable them to reconcile any differences between
that statement and the customer’s own account
– Any transactions that had not been posted at that
time are considered “outstanding” and are taken
into account during this process.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

26.

Key Terms…
Section 4-2
Bank Statements
Bank reconciliation
– The process of making the account register agree
with the bank statement.
Bank statement
– An account record provided by the bank periodically
designed to match your records to the bank’s records.
Service charge
– A fee the bank charges for maintaining the checking
account or for other banking services.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

27.

Key Terms…
Section 4-2
Bank Statements
Returned check
– A deposited check that was returned because the
maker’s account did not have sufficient funds.
Returned check fee
– Bank charges to the depositor for returned checks.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

28.

Key Terms…
Section 4-2
Bank Statements
Non-sufficient fund fee
– A fee charged to the account holder when a check
is written for which there are not sufficient funds.
NOTE:
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
When a check is returned NSF, there are
sometimes two penalties – one the bank
charges, and another by the payee who
was unable to collect the money.
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

29.

Key Terms…
Section 4-2
Bank Statements
Outstanding checks
– Checks that have been written, but have not yet been
posted to the maker’s account.
Outstanding deposits
– Deposits that have been made, but have not yet been
posted to the maker’s account.
NOTE:
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
When reconciling your account, be
sure to note any bank fees (for returned
checks, service charges, etc.) on
your account register.
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

30.

HOW TO:
Section 4-1
Reconcile a bank statement
Checking Account Transactions
STEP 1
Check off all matching transactions appearing on both
the bank statement and the account register.
STEP 2
Enter into the register the transactions appearing on
the bank statement, but not checked off.
STEP 3
Check off these transactions as they are entered
and update the register balance accordingly.
This is the adjusted register balance.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
MORE
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

31.

HOW TO:
Section 4-1
Reconcile a bank statement
Checking Account Transactions
STEP 4
Make a list of checks and
debits in the register that
have not been checked off.
Add these amounts to find
the total outstanding debits.
Use Figure 4-25
as a guide.
MORE
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

32.

HOW TO:
Reconcile a bank statement
Section 4-1
Checking Account Transactions
STEP 5
Make a list of all deposits &
credits in the register that
have not been checked off.
Add these amounts to find
the total outstanding credits.
Use Figure 4-25
as a guide.
MORE
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

33.

HOW TO:
Reconcile a bank statement
Section 4-1
Checking Account Transactions
STEP 6
Calculate the adjusted statement balance by adding
the statement balance and total outstanding deposits
& credits, and then subtracting total outstanding
checks and other debits.
Statement balance
+ Total outstanding credits
- Total outstanding debits
Adjusted statement balance
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
MORE
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

34.

HOW TO:
Section 4-1
Reconcile a bank statement
Checking Account Transactions
STEP 7
Compare the adjusted statement balance with the
adjusted register balance. The amounts should be
equal.
STEP 8
If the adjusted statement balance does not equal the
register balance, find the cause of the difference and
correct the register, or notify the bank accordingly.
Write statement reconciled on the next blank line in
the account register and record the statement date.
Business Math, Ninth Edition
Cheryl Cleaves, Margie Hobbs & Jeffrey Nobel
© 2012 Pearson Education, Inc.
Upper Saddle River, NJ 07458 All Rights Reserved

35.

36. EXERCISE SET A

37. EXERCISE SET A

38. EXERCISE SET A

39. EXERCISE SET A

40. EXERCISE SET A

41. EXERCISE SET A

42. EXERCISE SET A

43. EXERCISE SET A

44. EXERCISE SET A

45.

46. PRACTICE TEST

47. PRACTICE TEST

48. PRACTICE TEST

49.

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