Did you compare the dollar amounts shown on your checking account statement with the dollar amounts recorded in your checkbook register?.Did you double check your addition and subtraction, both on the worksheet above and in your checkbook register?.Are ATM transactions, checks, automatic payments/deposits, check card purchases, service charges, dividends, etc. accounted for?.If the adjusted balance on your checking account statement does not equal the ending balance in your checkbook register, then your checking account is not in balance. Check for addition and subtraction errors in your checkbook register. Compare the amount entered on your checking account statement to the amounts you entered in your checkbook register. If the balance in your checkbook register does not equal the result above, go to Step 6. TOTAL should equal the balance in your checkbook register The total will be used in Step 5.ĮNTER your ending balance from your checking account statementĮNTER and ADD the total outstanding deposits from Step 3ĮNTER and SUBTRACT the total checks outstanding from Step 4 List and total all draft and other payments in your checkbook register that have not been listed on your checking account statement. List and total all deposits in your checkbook register that have not been listed on your checking account statement. If they are, then record them in your checkbook register, and adjust your register balance.Įnter each Organization charge/fee charged against your checking account and/or dividend added to your checking account into your register and adjust your register balance. If any of the above items 1 through 5 are on your checking account statement, but not in your checkbook register, verify that they are your items. Obtain your checkbook register and check off the following items listed on your checking account statement: All deposit, withdrawal, or check card purchase receipts (including ATM transactions) you’ve collected during the statement periodĮach month when you receive your checking account statement, follow the steps outlined below to ensure your checkbook balances.Your checkbook register or duplicate checks.Before You Get Startedīefore you get started to balance your account, gather together the following items: The same organizational tools used to manage your checkbook can be applied to other areas of your personal finance matters including budgeting, debt management, savings, investments, and retirement planning. Organization plays a key role in successful checkbook management.
Balancing your checkbook gives you more control over your day-to-day finances and can help you reduce or eliminate overdraft fees and non-sufficient fund (NSF) fees.
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Knowing how to successfully balance your checkbook is an important component of sound personal money management.
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A rticle courtesy of GreenPath(TM), a partner of ECU, offering ECU members access to free and confidential financial wellness counselors and resources.
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