It can help you spot any fraudulent activities that may be going on in your account.Most importantly, it can help you keep track of the amount of money that gets into account every month and how much you may be having at the bank. You are advised to reconcile your account each and every month. You are bound to make mistakes if you do it after waiting for to long.

The first step in reconciling your account is making a record of all the transactions in the savings and checking account register. You should always save your receipts for all withdrawals and deposits so that you can countercheck them when you finally receive the bank statement. You should then add up the deposits that are recorded in the register but are not included in the statement. These are items that have not yet been cleared. Subsequently, sum up the withdrawals including any fees that may not be included in the statement but have already been recorded in the register.

These are also items that have yet to be cleared. To perform the reconciliation, you should make a record of the final balance on your account statement, add in the total amount of deposits not yet cleared and subtract withdrawals not included in the statement. You balance should concur with that in the register.

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