Computerized Farm Record Keeping with Quicken® 2003

Bulletin 908

Accounts

Setting Up Your First Checking Account - An Example

Following is a copy of a page from the 20X2-X3 check register for George and Betty Carter. The December 24, 20X2 bank statement was used to reconcile the check register. Cleared items are marked with a Ö. The ending balance on the December 24, 20X2 bank statement was $14,495.47. There are no checks or deposits outstanding prior to 12/14/X2. Examine the check book register and answer the following questions.

NUMBER	DATE	DESCRIPTION OF TRANSACTION	PAYMENT/DEBIT	Ö	FEE IF ANY	DEPOSIT/CREDIT	BALANCE 7,449.47
1553 DEP	12/14/20X2 12/15/20X2	DHI, INC. MMI	134.00	Ö		4,900.00	7,315.47 12,215.47
DEP 1554	12/15/20X2 12/19/20X2	Hank Williams Farms, Inc. Frank's Farm Supply	365.56	Ö		3,750.00	15,965.47 15,599.91
1555 1556	12/19/20X2 12/19/20X2	Hale's Propane Z.Z. Top Farms	235.00 1,369.00	Ö Ö			15,364.91 13,995.91
1557 1558	12/22/20X2 12/22/20X2	Ohio Bell Rural Electric	126.00 875.00				13,869.91 12,994.91
1559 DEP	12/23/20X2 12/24/20X2	Select Sires MMI	210.00			4,554.80	12,784.91 17,339.71
1560 DEP	12/26/20X2 12/26/20X2	Ken Gumm Producers Livestock	1,357.65			612.50	15,982.06 16,594.56
1561 1562	12/29/20X2 12/29/20X2	IRS Freddie's Feed & Grain	985.94 800.00				15,608.52 14,808.62
1563 1564	12/29/20X2 12/30/20X2	George Carter Bank One	1,000.00 2,688.62				13,808.62 11,120.00
1565	1/3/20X3	Countrymark	1,219.17				9,900.83
1566 DEP	1/3/20X3	Rural Electric Producers Livestock	385.00			612.50	9,515.83 10,128.33
DEP 1567	1/10/20X3 1/12/20X3	MMI Frank's Farm Supply	46.23			4,900.00	15,028.33 14,982.10
1568 1569	1/12/20X3 1/12/20X3	VOID DHI,Inc.	134.00				14,982.10 14,848.10
DEP DEP	1/18/20X3 1/24/20X3	Hank Williams Farms Inc. Countrymark				225.00 944.02	15,073.10 16,017.12

Questions -

1. What is the beginning balance to use for the Quicken checking account?
   1. $17,339.71
   2. $11,120.00
   3. $14,495.47

2. What deposits and checks from 20X2 should be entered into your Quicken checking account so it will reconcile with the next bank statement.

   Deposits:	$4900.00	$3750.00	$4554.80	$612.50
   Checks:	$134.00	$365.56	$235.00	$1369.00	$126.00
   	$875.00	$210.00	$1357.65	$985.94	$800.00
   	$1000.00	$2688.62

Answers -

1. The beginning balance for the Quicken checking account is the ending balance on the December 24, 20X2 bank statement, $14,495.47.
2. The 20X2 deposits that are entered in the Quicken checking account because they did not show up on the December bank statement are the December 24 deposit of $4,554.80 and the December 26 deposit of $612.50. The December 15 deposits of $4,900.00 and $3,750.00 are marked and have been reconciled with the December bank statement.

   The 20X2 checks that would be entered into the checking account register are $134.00, $365.56, $126.00, $875.00, $210.00, $1357.65, $985.94, $800.00, $1000.00 and $2688.62. These checks either were written prior to December 24 (date of the bank statement), but did not show up on the bank statement or they were written December 24 or later.

   The deposits and checks of 20X2 that did not show up on the December bank statement must be entered into the Quicken checking account to have the checking account reconcile properly with the January 20X3 bank statement.

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