Do you shudder every month when you receive your bank statement in the mail or online?
Traditional checkpoint balancing is doomed to oblivion. How? by utilizing the “between statements” record-keeping offered by your bank. It is completely legal and achieves the same objective as statement balancing, but Instant Balancing is quicker and easier.
After all, the purpose of checkbook balancing is to ensure that neither you nor your bank have made any errors. In either case, the majority of individuals wish to avoid bounced checks and the constantly unpleasant “insufficient funds” notice from ATMs.
Here are the steps to balance your checkbook instantly:
Gather Your Information: Collect all the information about your checking account, including your bank statements, canceled checks, and receipts.
Enter Transactions: Enter all the transactions into your checkbook register, including checks, ATM withdrawals, and debit card transactions.
Check Off Transactions: Check off all the transactions that have cleared your account in your checkbook register. This will help you identify any outstanding transactions that have not yet cleared.
Calculate Your Balance: Add up all the cleared transactions in your checkbook register and subtract them from your current account balance. This will give you the total of any outstanding transactions that have not yet cleared.
Verify Your Balance: Compare the outstanding transactions in your checkbook register to the transactions listed on your bank statement. Verify that they match, and add any interest earned or fees charged by your bank.
Adjust Your Register: Make any necessary adjustments to your checkbook register to reflect any errors or discrepancies between your register and your bank statement.
Update Your Balance: Add or subtract any adjustments from your checkbook register to update your balance to match your bank statement.
By following these steps, you can balance your checkbook instantly and ensure that your account is accurate and up to date. It’s important to regularly balance your checkbook to avoid overdraft fees and ensure that you have enough money in your account to cover your expenses.