How to Balance Your Checkbook

How to Balance Your Checkbook

1. Bank statement balance $_____________
2. Deposits made but not on bank statement
(Enter Total on line 3)
Date Amount
3. Deposits not on bank statement (Total) + $_____________
5. Subtotal = $_____________
4. Checks written or withdrawals made but not on statement (Enter Total on line 6)
Date Amount
6. Withdrawals not on statement (Total) $____________
7. Subtotal = $____________
8. Service charges, other bank charges (Total) $____________
9. Current checking account balance = $____________

Steps for Balancing a Checkbook

  1. Write balance shown in bank statement on line 1.

  2. Sort deposit slips and checks into two groups. Divide automatic teller machine slips into deposits (put with deposit slips) and cash withdrawal, transfers and payments (put with checks).

  3. Verify with your checkbook and automatic teller receipts you've kept. Note any uncredited deposits on chart 2, and any withdrawals made, but not on statement on chart 4.

  4. Add uncredited deposits on chart 2. Enter total amount on line 3. Add to bank statement total (line 1). Enter answer on subtotal line 5.

  5. Add withdrawals made but not on statement in chart 4. Enter total on line 6. Subtract from subtotal 5 and enter new subtotal on line 7.

  6. Note any service charges or other bank charges which have not been subtracted from checkbook. Enter total amount on line 8.

  7. Subtract line 8 from subtotal line 7. Enter answer on line 9, current checking account balance.

  8. Note new balance in checkbook and adjust record if needed.

« Money Management Recordkeeping Setting Reasonable Debt Limits »

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