Personal Finance #3–Financial Services & Bank Reconciliation

Personal Finance #3–Financial Services & Bank Reconciliation

Personal Finance #3–Financial Services & Bank Reconciliation

Learn about financial services, financial institutions, and how to create a personal bank reconciliation from a CPA

Language: english

Note: 4.7/5 (14 notes) 14,291 students

Instructor(s): Robert (Bob) Steele

Last update: 2021-12-30

What you’ll learn

  • How to apply money management strategies
  • How to apply tax management strategies
  • Explain the difference between marginal tax rate and average tax rate and how to use the proper rate when planning
  • Describe the difference between tax deductions and tax credits and how to use this information when doing tax planning
  • List the different tax filing statuses and their impact on the tax calculation
  • Explain the different tax preparation options and the pros and cons related to them
  • List common financial services needed by individuals
  • List financial institutions and the services they provide
  • Describe what a bank reconciliation is
  • Complete a personal bank reconciliation

 

Requirements

  • None

 

Description

This course will focus on the importance of performing the bank reconciliation process and how to complete a bank reconciliation.

We will include many example problems, both in the format of presentations and Excel worksheet problems. The Excel worksheet presentations will include a downloadable Excel workbook with at least two tabs, one with the answer, the second with a preformatted worksheet that can be completed in a step-by-step process along with the instructional videos.

Cash management is a critical component to financial planning and taxes are a material part of cash management.

Learners will understand basic money management strategies and tax planning strategies. We will discuss the difference between a marginal tax rate and an average tax rate and how to use the appropriate tax rate when making financial plans

The course will also cover the differences between a tax deduction and a tax credit, an important distinction when doing tax planning.

Learners will know the different tax preparation options and understand which options may be best under different financial circumstances.

We will also be able to list and explain different financial services and the financial institutions that provide them, allowing us to make good decisions about which financial services to use and which financial institutions to work with.

The course will discuss the importance of reconciling the bank account, the bank reconciliation process being a big internal control over cash.

The purpose of the bank reconciliation is not just to make sure our ending cash balance is correct, but also to check that we have recorded the activity correctly.

Cash is the lifeblood of a business and of our financial activities. When thinking in terms of the double entry accounting system, cash will impact every financial cycle, meaning it will impact our revenue generation, our purchases, and our expenses, whether personal our business.

Therefore, the surer we are about the correctness of our cash transactions the surer we are about the correctness of our revenue, purchases, and expenses.

The bank reconciliation process will match our bookkeeping related to cash to the banks bookkeeping related to cash, giving us an external verification that the activity recorded is correct.

 

Who this course is for

  • Anybody who want to improve their personal financial planning
  • Students

 

Course content

  • Introduction
    • 3010 Tax Planning in Money Management Overview
    • 3015 Tax Record Keeping System
    • 3020 Marginal Tax, Average Tax, Deductions, & Credits
    • 3030 Tax Payments, Deadlines, & Penalties
    • 3035 Filing Status
    • 3040 Tax Preparation Options
    • 3045 Tax Exempt & Tax Deferred Investments
  • Presentations – Financial Services, Financial Institutions, Bank Reconciliations
    • 4010 Financial Institutions Deposit Institutions
    • 4020 Financial Institutions Non-Deposit Institutions
    • 4022 Non-Bank Financial Service Providers
    • 4025 Other Financial Service Providers
    • 4030 Types of Financial Services
    • 4035 Savings Services
    • 4040 Credit Services
    • 4045 Investment Services
    • 4050 Other Financial Services
    • 4055 Common Money Managing Mistakes
    • 4060 Financing Personal Expenses
    • 4065 Consumer Interest Rates & Prices
    • 4070 How to Select a Financial Institution
    • 4075 Selecting a Savings Plan
    • 4085 Digital Payments
    • 4090 Should I Use Debit Card or Credit Card For Daily Purchases
    • 4095 Checking Account Selection Factors
    • 4097 Individual Checking Account vs Joint Checking Account
    • 4100 Reconciling Checking Account Methods
    • 50 Bank Reconciliation
  • Practice Probs. Financial Services, Financial Institutions, Bank Reconciliations
    • OneNote Resource
    • 4110 Fees Long Term Costs
    • 4120 High Short Term Loan Rates Annualized
    • 4130 Savings Scenarios
    • 4150 Investment Earnings & After-Tax Yield
    • 4180 CD Penalty Calculation
    • 4200 Overdraft Protection Costs Calculation
    • 4420 Bank Reconciliation
  • Excel Probs. – Financial Services, Financial Institutions, Bank Reconciliations
    • 4110 Fees Long Term Costs
    • 4120 High Short Term Loan Rates Annualized
    • 4130 Savings Scenarios
    • 4150 Investment Earnings & After-Tax Yield
    • 4180 CD Penalty Calculation
    • 4200 Overdraft Protection Costs Calculation
    • 4420 Bank Reconciliation
    • 9.10 Bank Reconciliation January
    • 9.12 Bank Reconciliation Adjusting Entries January
    • 9.15 Bank Reconciliation February
    • 9.20 Bank Reconciliation Feb. Adjusting Entries

 

Personal Finance #3–Financial Services & Bank ReconciliationPersonal Finance #3–Financial Services & Bank Reconciliation

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