You might be asking yourself, how do I balance my checkbook? This article outlines . Hopefully it will make balancing your checkbook appear as a much less daunting task than you originally perceived it to be. Balancing a checkbook may seem like an outdated chore but it still can be an effective way to save money and know where you are spending your precious dollars.
Essentials to balancing a checkbook
– Your checkbook register and a pen
– Copy of your bank statement
– A calculator or phone/computer with calculator functions
– Check withdrawal or deposit slips
– ATM withdrawal or deposit slips
– Credit card purchase history
– Interest rates for your bank accounts
– Information about bank charge fees
In your checkbook register, write how much your current balance is by using your bank statement. Write it in the specified box in the booklet or on the first line. Then, make a habit of recording all your expenses, including ones not involving checks. Add your deposits and subtract your payments and purchases. Remember to include automatic payments that you do not have to submit yourself. When you receive your statement, check that it matches with your check register. Mark off the ones you have recorded and add anything you have missed. Double check your math and make sure your balance from the check register equals your balance from the statement. Once your check register matches your statement, mark a double line under the last transaction in your check register. Now you will know where to start when checking your next statement.
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This entry was updated on Tuesday, June 9th, 2015 at 12:05 pm.
This entry was originally posted
on Tuesday, September 4th, 2012 at 6:00 pm and is filed under Accountants.
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