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#Checkbook register software how to#

It also is easier to identify problems, such as missed automatic payments, incorrectly assessed fees, fraudulent charges and even your own mathematical mistakes, when you have a regularly balanced checkbook.īalancing your checkbook used to be a chore reserved for a specific time each month: after receiving your monthly paper statement from the bank.

Keeping a record of your banking transactions can help you track your spending, making budgeting a simpler process.

If a vendor charges you the wrong amount for a purchase, you may not otherwise know if you don’t balance your account at least once a month.

You also can catch merchant errors more quickly if you reconcile regularly.

Though rare, banks do sometimes make mistakes, and regularly balancing your checkbook allows you to catch such errors in a timely fashion.

Making sure you recorded checks as you wrote them and reconciled your account with the bank’s statement ensured that you were never caught flat-footed when an old check finally cleared.

Back when paper checks were more common, it could take quite some time for any one check to clear.

There are several reasons for keeping such a record and balancing it regularly: Why Balance Your Checkbook?Įven today, when much (if not all) of your transaction information is available with the click of a button, it’s still a good idea to maintain a record of your transactions and regularly balance that record.īalancing your checkbook, which is also known as reconciling your account, is basically about making sure that the records you have kept for your financial transactions match those the bank lists on your statement.

#Checkbook register software how to#

Here’s what you need to know about how to balance a checkbook in a paperless world. But whether you were a master checkbook balancer in the time of paper or are a digital native who didn’t realize paper statements were once a thing, you may not know exactly how to reconcile your accounts. However, even though the paper-and-pencil aspect of checkbook balancing has mostly gone the way of the dodo, the process is still a necessary part of maintaining your checking account. Now that all of your transactions are available immediately via your bank’s online portal or mobile app, you may assume that balancing your checkbook is the kind of skill that’s lost all usefulness, like knowing how to use a pencil to rewind an unraveled cassette tape. Back when receiving paper statements from your bank was the norm rather than an anomaly, taking the time to reconcile your checking account records with your statement each month was an important part of keeping your finances healthy.