Balancing a Checkbook & Bank Statement

Video Transcript

"Hi, this is Doug Benson on behalf of Expert Village. I'm going to show you how to balance your checkbook and as a result become a better manager of household finances. We've been keeping up on our transaction register and I just received a new bank statement in the mail. Now it's time to balance or reconcile our checkbook register with the statements in the bank. Looking at the chronological listing of a account activity we are going to compare each item with the items in the transaction register. There is a column provided in your register for doing this locate the ending or new balance at the end of the statement and write it down. There is usually space provided on the back of the bank statement for doing this. In this statement they say that my ending balance is $359.27 go through your transaction register and check off the items that match the transactions on your bank statements. keep an eye out for transactions on the bank statement that you may have forgotten to enter, it's not to late to enter those now. Watch my next statement as we continue to learn more about balancing your checkbook and becoming a better manager of household finances."