When done on a routine basis, balancing your checkbook is easy, satisfying, and painless. On the other hand, when not balanced on a regular basis, it could be dangerous to your financial health. Follow these steps to make your experience quick and easy.
1. Gather your deposit and withdrawal slips, your ATM and SmartCash card receipts, your transaction register, your monthly statement, and a calculator.
2. Go through and organize your deposit slips, withdrawal slips, ATM receipts, and SmartCash card receipts by date from past-present.
3. Once organized, record each transaction into your register booklet (remember to put the transactions in the appropriate column).
|Number or Code||Date||Transaction Description||Payment Amount||√||Fee||Deposit Amount||$ 125.00|
|123||4/29||ABC Company||$ 20||00||$||20||00|
4. Get your monthly statement and verify your account activity with your Transaction Register (put a √ in the box once you have verified the transaction).
5. Record any dividends or fees documented in your monthly statement into your Transaction Register.
6. Balance and compare!
If the amounts are the same, all transactions have posted correctly and your account is balanced. Great job! If the amounts are not the same, don’t worry, if you use your account on a regular basis, there is more of a chance that they will not be equal right away. But just to be on the safe side, go through the process one more time to double check your numbers.