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How To Balance Your Checkbook

How To Balance Your Checkbook

How to balance your check book: This common household chore can sometimes seem a lot harder than it actually is. VideoJug shows you how to go about balancing your check book on a regular basis.

Step 1: You Will Need

A wide surface to work on, such as an empty desk or table top.
Second, locate A calculator and A pencil.
Next, collect your receipts from check card purchases, ATM withdrawals, and deposit slips.
Lastly, grab your bank statement with your returned checks.

Step 2: Sort Out Your Materials

Sort out your checks according to the check number, and your receipts according to the date.
For every check listed in your bank statement, go through your checkbook and place an “X” beside each entry… Place an “X” beside each item on your bank statement as well. If you wrote a check, but forgot to record it in your ledger, you can do so now, making note of the check number, and dollar amount. Do the same as before with ATM and check card receipts.

Step 3: Compare Your Receipts

bank statement, placing an “X” beside each figure found in both the statement and your ledger.

Step 4: Check For Extras

Look for any additional fees on your bank statement such as overdraft charges that do not appear in your ledger, and make sure they are accurate. Don't forget to list the fees in your ledger, since they are also withdrawn from your account.

Now your checkbook is up to date. However, you may have some entries in your ledger that do not appear on your bank statement because they occurred after the closing date on the statement. These will probably show on your next month's statement.

Step 5: List The Amount

Take the updated balance in from your checkbook and write it on the back of your bank statement. There may already be a form for you to fill out!

Step 6: Reconcile It!

Add the total outstanding deposits to your bank statement ending balance, and then subtract the total outstanding checks and withdrawals. This number should match the balance written in your checkbook, giving you a good idea of the amount of money currently in your checking account! If the numbers don't match, double-check your math here and in your ledger. If they still don't match, contact your bank. They will gladly do all of this work for you for a fee.

Step 7: Done

You have now balanced your checkbook! Now, determine how much money you can spend for celebration, and charge the rest!