#EASY WAY TO BALANCE MY CHECKBOOK HOW TO#

NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. Why Do You Need to Balance Your Checkbook? Ensure you note those transactions in your personal record to avoid any surprises.Ĭompare your bank statements and your own records frequently to verify that you and your bank are on the same page.ĥ Tips for Maintaining Balanced Bank Statements Some of your most recent transactions might show up on the following month’s statement.

#EASY WAY TO BALANCE MY CHECKBOOK HOW TO#

If you come across a transaction that is unauthorized or contains an error, contact your bank and find out how to get it corrected. This review may cause your bank to charge an account research fee of about $25 an hour. If you still can’t balance the numbers on your register to your statement, you can ask your bank for an extensive review of your transactions. Look out for unfamiliar charges, such as overdraft fees, on your statement that you hadn’t accounted for in your register. If the amounts don’t match, double check the numbers you have inputted to verify the amounts. If the amounts matched, you have balanced your checkbook. See if the total amounts of deposits and withdrawals in your register match the amounts on your statement.Be careful not to count transactions that occurred after the statement was generated. Add up the deposits and withdrawals you have listed in your personal register, through the statement date.Here’s how to reconcile your bank account with pen and paper. Now you can start to balance your checkbook. It should also include your ending account balance on the date the statement was generated. This usually lists the balance from the previous month’s statement, along with deposits, other credits, debit and check that have been cleared through the bank. Your bank or credit union should issue a monthly account statement in the mail or online.

Even if you do use online banking, you should still hold on to paper receipts in case of any dispute about online data. If you have online banking, you can get an up-to-date list of transactions online. Hold onto any important transactions receipts until you’ve balanced your checkbook for the month. Basically, track any activity that has passed through your bank account for the month you are balancing. Your list should include purchases, withdrawals, deposits and bank charges. A checkbook register, notebook or spreadsheet on your computer can all work as a register. Keep track of all your transactions in your register. To balance your checkbook you will need: List of Transactions

This could save you from overdraft fees and other penalties. It is still in your best interest to review account activity once a month to help you keep track of what you’re spending and identify errors or incorrect charges. With the invention of online banking, some people might not even know how to write a check or have a checkbook at all. Knowing how to balance your checkbook, also known as bank reconciliation, might not be as important today as it used to be in the past.

Easy way to balance my checkbook