Sometimes people make such a mess of their checkbook by not regularly balancing that they have to close out their account and open another one. Unfortunately, the basic money management task of balancing our checkbooks is not taught in most schools and usually not taught by our parents.
If you're just starting out on your own, or you have your first bank account , or you just never got in the habit of balancing your checkbook regularly, here are some easy to follow instructions for how to do it. Figure out your current balance in checking, which your bank may list as your available or ending balance. You should be able to find this amount by checking using your online or mobile banking app.
Log this amount at the top of your checkbook register in the space indicated. Record any pending transactions in your checkbook register, including both debits and credits, as well as checks you've written that have not cleared yet.
Include the date of the transaction, a description of the transaction, and the amount. If listing checks, also write down the check number. Some people like to use duplicate copy checks so they always have a record of who they issued a check to and for what amount.
Starting with the first transaction you enter, subtract the amount from your available balance—in the case of a deposit, add it to the balance. Then record the new amount on the next line of your register. Continue doing so until all transactions are recorded. Compare the total amounts of withdrawals and deposits on your register to the information available from your online or mobile banking app. If the ending balance there matches what you have in your checkbook, once all deposits and withdrawals have been factored in, then your checkbook is balanced.
If your checkbook doesn't add up properly, you may need to backtrack farther. Start with your most recent statement and use that as a guide for reconciling transactions.
Commit to balancing your checkbook on a weekly basis, which may be easier than trying to do it once a month or less often. Recording transactions daily, then balancing at the end of the week, can help keep the system as simple and error-free as possible. Consumer Financial Protection Bureau. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads.
My Checkbook software will immediately help your checkbook balancing! Fast Search Find items quickly with the built-in search. You can either enter a keyword to find items based on keyword search, or you can right-click on any previously entered item to find more items of the same description.
Once you have found a set of transactions, you can even make batch changes to them using the batch edit tool. Quick Report Look at a quick overview of your spending to see where you are spending the most of your money. One of the best ways to find ways to save money is to begin by seeing where your money is going. My Checkbook personal finance manager software shows you exactly where your money is going.
Statement Printing Whether you are printing all your entries, just the search results, or a whole month, you can get a clean printout of your transactions, complete with the memo.
My Checkbook can import a single bank account QIF file which many programs can export, as well as most banks. Once you've imported your transactions, clean them up by using the search and batch change. Some banks don't provide very readable descriptions. You can right-click on these items and find all the occurrences of them, then use the batch change to clean up the description to something more recognizable. This is a great way to get started if you already have previous data.
If you'd like, My Checkbook can export your data to a text file tab-delimited which can then be imported into most spreadsheet programs. Once you've imported it into a spreadsheet program, you can perform more calculations and create graphs based on your own criteria. Your data is not stuck in My Checkbook, but can be freely exported for further data manipulation.
For moving data from one computer to another, just copy the actual My Checkbook data file. Get Started Quickly Start realizing how easy it can be to manage your checkbook on your computer. Whether you are a seasoned computer user who just wants something simple or someone who thinks it is too confusing to keep track of their finances with the computer, My Checkbook will help you! Everyone should use some personal finance software, it just makes it easier.
Print Print the e-checks you receive. Direct Deposit Direct deposit the E-check you received. We Print it We print your check and send to payee. Attachments Attach your documents with mail. Create Create a new bank account with us. Pay Pay your bills with a single click. Manage Keep the record of all your bills. Reconcile Reconcile your bank data. Create Create invoices for your customers.
Send Send the invoices as bills.
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