A Balancing Act: How To Properly Organize Your Checkbook

With everything you need to be sure you do regularly, balancing your checkbook doesn't always receive priority. But in the event that you plan ahead and schedule time because of this important task, you'll reap the financial rewards.

Before you begin be sure you have the next items readily available: checkbook, ledger book, ATM and deposit receipts, calculator and a pencil. The next thing is to check on your items. First, separate your returned checks and ATM withdrawal slips into two distinct piles. Then place your returned checks in numerical order and compare them to your ledger book by writing an "X" in the ledger beside every figure that matches a cancelled check.

The next thing would be to put your ATM withdrawal slips in chronological order (that's, in accordance with date) and compare them to your ledger book by placing an "X" beside every figure that matches an ATM withdrawal amount. You may make final changes to your ledger by comparing your deposit receipts together with your bank statement. Write an "X" by every figure in the ledger that matches with a deposit receipt. In the event that you notice any discrepancies after undertaking this not at all hard procedure, you need to notify your bank immediately to be able to rectify the problem.

To calculate balance, record you checkbook's current balance either near the top of a bit of paper, or on the trunk of one's statement. It is suggested you use the trunk of one's statement if your bank offers a worksheet there for calculating balance. Now, subtract amounts for uncleared deposits and bank fees, including monthly fees and the ones for bounced checks, and subtract from your own calculated total. Adding any uncleared checks and interest you have earned to the new figure. Finally, compare the ultimate figure to your bank statement.

If you find at this stage in time your bank has unfairly charged you for something, contact them as quickly as possible. Also, in the event that you notice any discrepancies to begin with, or can't reconcile your final balance to the lender statement, you might like to double and triple-check your calculations.