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This chapter has
a fancy name,
doesn't it?
Account reconciliation is an important aspect of your finances, since it
tells us how healthy our financial standing may be. Simply, account
reconciliation is the accounting process used to ensure that the money
leaving our wallets matches the amounts spent.
If
you have opened an account at the Barbados Public Workers' Co-Op–
erative Credit Union, it is important that you check your account every
month. This is really easy, since you can check your account online.
Every month, you'd see a statement coming to you, telling you about
the activity on your account. (Hopefully, the only activity you'd be
recording is depositing money!)
The statement is the credit union's records of all the financial activity
each month: how much money you've deposited and withdrawn. You
must double-check or reconcile the records, so that you know there are
no mistakes being made when it comes to your money.
If
you think
there is a discrepancy, feel free to ask about it. Keep all your receipts in
a safe place, so that it's easy to make a check if you need to.
The
ENDING
BALANCE
on your statement
should be equal to:
DEPOSITS
+
BALANCE
FROM
PREVIOUS MONTH
WITHDRAWALS
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