Khan Academy
FreePersonal Finance #3–Financial Services & Bank Reconciliation
4.6(89)27k studentsALL LEVELSEnglish
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This Udemy course concentrates on bank reconciliation, the process of matching your cash records against the bank's own records. The explanation treats it as an internal control that checks both the ending balance and the accuracy of what was recorded, which is why it matters beyond simple tidying.
The course also covers how marginal and average tax rates differ, the gap between a deduction and a credit, and the financial institutions that provide common services. Those topics give the reconciliation work a wider financial context.
Work through the Excel workbook yourself rather than watching only, because reconciling a real statement is where the process becomes clear.
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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Tracking since 15 Nov — not enough history yet to tell you whether today's price is any good. Watch the course and we'll tell you when it drops.
This is what we recorded in US pricing — not every price this course has ever had, and prices differ by country.
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