Personal Finance #3–Financial Services & Bank Reconciliation

- Description
- Curriculum
- FAQ
- Reviews
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.
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13010 Tax Planning in Money Management OverviewVideo lesson
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23015 Tax Record Keeping SystemVideo lesson
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33020 Marginal Tax, Average Tax, Deductions, & CreditsVideo lesson
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43030 Tax Payments, Deadlines, & PenaltiesVideo lesson
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53035 Filing StatusVideo lesson
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63040 Tax Preparation OptionsVideo lesson
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73045 Tax Exempt & Tax Deferred InvestmentsVideo lesson
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84010 Financial Institutions Deposit InstitutionsVideo lesson
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94020 Financial Institutions Non-Deposit InstitutionsVideo lesson
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104022 Non-Bank Financial Service ProvidersVideo lesson
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114025 Other Financial Service ProvidersVideo lesson
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124030 Types of Financial ServicesVideo lesson
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134035 Savings ServicesVideo lesson
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144040 Credit ServicesVideo lesson
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154045 Investment ServicesVideo lesson
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164050 Other Financial ServicesVideo lesson
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174055 Common Money Managing MistakesVideo lesson
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184060 Financing Personal ExpensesVideo lesson
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194065 Consumer Interest Rates & PricesVideo lesson
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204070 How to Select a Financial InstitutionVideo lesson
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214075 Selecting a Savings PlanVideo lesson
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224085 Digital PaymentsVideo lesson
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234090 Should I Use Debit Card or Credit Card For Daily PurchasesVideo lesson
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244095 Checking Account Selection FactorsVideo lesson
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254097 Individual Checking Account vs Joint Checking AccountVideo lesson
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264100 Reconciling Checking Account MethodsVideo lesson
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2750 Bank ReconciliationVideo lesson
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28OneNote ResourceText lesson
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294110 Fees Long Term CostsVideo lesson
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304120 High Short Term Loan Rates AnnualizedVideo lesson
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314130 Savings ScenariosVideo lesson
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324150 Investment Earnings & After-Tax YieldVideo lesson
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334180 CD Penalty CalculationVideo lesson
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344200 Overdraft Protection Costs CalculationVideo lesson
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354420 Bank ReconciliationVideo lesson
