How do I Get my Checkbook to Agree With a Bank Statement?
When you have a checkbook, you must keep accurate records to ensure that your money is being properly managed. Still, Moebs Services reported in 2008 that 87 percent of individuals do not regularly balance their checkbooks, and many banks are capitalizing off of this trend. If you write a check based on an incorrect balance in your checkbook, the bank may honor your check and then charge overdraft fees. These fees can add up, taking away from money that you could be saving in your account.
Other People Are Reading
Instructions
-
-
1
Enter your bank statement/bank account balance into the "Balance" field that is located on your checkbook ledger. Write the date beside the balance.
-
2
Make an entry in your checkbook ledger to reflect each purchase, payment, ATM withdrawals or money transfers that you make on your account. This entry should be placed in the "Debit" field of your ledger. You can add a "-" beside the amount in the debit field to show that it is a deduction from your account balance.
-
-
3
Document deposits that you make to your bank account. This information should be placed in the "Credit" field of your checkbook ledger. Add a "+" beside the deposit amount to show that it is an addition to your account balance.
-
4
Calculate your new balance in the checkbook ledger. This is done by adding deposits/credits to the amount that shows in your ledger's balance field. Subtract debits/purchases from the balance field. Write down your new balance in the balance field along with the date the balance is applicable.
-
5
Keep a record of your receipts just in case you can't figure out why your bank statement reflects a different balance than your checkbook. By keeping all of your receipts, you can always go back and re-tally your purchases/debits to ensure all debits are accounted for.
-
1
References
- Photo Credit balancing checkbook image by palms from Fotolia.com
