![]() Since banks are able to update the transactions that clear your account in real time, you can recreate much of the same benefit of keeping and balancing a check register by simply logging into your account online every day. Happily, there are a number of ways to keep track of your banking transactions that don’t rely on pen and paper: Daily Online Check-In With Your Bank For these reasons, most modern consumers would rather use digital solutions for checkbook balancing. Today, there are many more ways for transactions to happen: from ATMs and mobile deposits, to automatic bill-pay (ACH transfers) and direct deposit of your paycheck. It also assumed that your transactions consisted primarily of paper checks going into and out of your account. The old-school method of checkbook balancing assumed that you would carry a paper check register with you everywhere you went, and that you would record your transactions by hand. You will have fewer transactions to comb through if you balance once a week or once every two weeks. This is one of the reasons it’s a good idea to balance your checkbook more often than once a month, especially if you are newly adopting this financial task. ![]() The only way to discover the error is to go back to the last time your checkbook was balanced and work your way forward. Perhaps you forgot to record a transaction or you transposed a couple of numbers. So what do you do if your numbers and the bank’s numbers don’t align? That’s when it’s time to backtrack through your records and the bank’s transaction history to see where the discrepancy is. If they match, then you have a balanced checkbook. About once every two weeks (or more often), log on to view your bank account and compare your bank’s total withdrawals and deposits with your own records.As you continue to make transactions, record them in your check register so you have a running tally of your debits, credits and total balance.Don’t forget to account for any fees that you pay and any interest that you earn.You’ll continue doing this until you have recorded all your transactions. ![]()
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