Balancing a checkbook requires accurate accounts of daily checks, withdrawals, and deposits to be verified with your bank’s records.
Basically, with a little time and effort on your part, the figures in your checkbook should check out perfectly in no time.
It’s important to remember that many financial records rely on a system of checks and balances, including your checkbook. It’s easy to get started to learn how to balance your checkbook with a few simple suggestions.
• To begin with, decide if you want to use a single or double ledger to keep track and record your spending amounts and deposits in your checkbook.
• Next, if you used a check to pay for something, remember to write down the check number in the first column provided, which will help you to track back for any possible future reference. The column to record the date is next to that column, which can be helpful in tracking when you made a purchase, or sent a particular check.
• If you choose to use the single ledger, when you enter an amount on the left side of your checkbook, next to the date, column, you may want to use a calculator, since that seems to work best in eliminating mistakes, and subtract the amount you just entered, from the amount previously recorded on the right side. Then write down that amount, on the space provided in the right column.
• When you choose to use a double ledger checkbook, then the amount spent on the left side of your checkbook, can be recorded on the right column space provided, for easier subtraction, since the spending amount can be recorded, directly below the previously recorded amount on the right.
• Another key factor is to remember to always record your transactions right away, to avoid any forgotten figures. This includes withdrawals you may have hastily taken at an ATM machine one day, and mistakenly forgot to bring your checkbook along with you to record your transaction.
• You may want to consider comparing your amounts in your checkbook to the figures your bank shows on line. This is also a way to double check your checkbook for accuracy.It’s important to remember, however, that not all transactions may appear on line until a day or later.
This is also true with any deposits you may make at the bank, and that you forget to record in the checkbook. This will undoubtedly throw your checkbook off balance if it was not added in. Remember to record the deposit amount in the correct spot in your checkbook, as well, since it could be mistakenly written down as a withdrawal. This column will be next to the last column on the right side of the ledger that has balance as the title heading.
Finally, it may take a little more time and patience on your part, but If a person makes the effort to carefully record their financial transactions in their checkbook, the balance should check out correctly.