![]() ![]() It is also very helpful for tracking transactions like tips or service charges.īecause all it takes is one error, and your receipt no longer matches what the debit amount was. Today, balancing your checkbook or reconciling your bank account is used as a way to match your bank statements with your record of transactions. The historyīefore online banking and having the ability to check your account balances on cell phones, having a checkbook register was key in making sure one didn’t spend too much and overdraft their checking accounts.Īfter all, check-writing was how you accessed the money in your account, and it could take days in order for that check to clear.īalancing a checkbook, also known as bank reconciliation, helped checkwriters not only keep track of the checks that were written but also gave current information about how much money they had. Here's some background information about this. ![]() What does balancing a checkbook even mean?īalancing a checkbook is simply making sure all of your bank account transactions match up to the transactions you've recorded in your checkbook. It’s also every debit and credit transaction.Īlthough it might have been more common for your grandparents, looking over your transactions and receipts is as relevant today as in decades past. It’s not just the checks written you want to keep track of. And knowing how to balance a checkbook is an important aspect of keeping track of your financial health. You might be surprised, but people do still use checks for things like paying bills and giving to charity. When was the last time you wrote a check? In this digital age of banking, writing checks and balancing a checkbook may seem like a thing of the past. ![]()
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