Chequebook register
Recording each transaction in your checkbook register and adding or subtracting it from the balance is the first step to simplifying the balancing act. Remember, it also takes a few days for your checks, ATM/MasterCard, and/or deposit transactions to be recorded on your account. Meanwhile, you are continuing to write checks, make ATM withdrawals and/or deposits, and hopefully, keeping track of these transactions in your checkbook register. Once your statement has closed, it will take a few days for the information to be printed and for it to arrive in the mail. The closing date is usually found in the upper right-hand corner of the first page of your statement. Your statement lists the transactions posted to or cleared to your account as of the closing date. Seldom will your statement and checkbook register agree. This brochure will help simplify the balancing process and hopefully reduce the anxiety level when your statement arrives. Marquette Education Foundation Scholarship ProgramĪ) Nice try, but… - You try to balance your checkbook using pencil and paper, but find it frustrating and have difficulty making the numbers agree.ī) See No Evil - You avoid the frustration altogether by:Ī.) Ignoring your monthly statement altogether,Ĭ.) Keeping an approximation in your head.
#Chequebook register how to
Watch this short video to learn how to do it properly and avoid possible complications. Add more rowsĪdding additional rows can be a little tricky as most formulas that calculate totals must expand correctly to accommodate new rows that you add. Once you become relatively familiar with the template, you can protect these columns from unnecessary changes using Excel's Protect Sheet option. Also, remember not to delete formulas in the "Balance" column, "Reconciliation Data" and "Summary" sections. If you manage multiple accounts, you can create copies of this spreadsheet. We recommend making it a habit and record transactions as they occur or at the very least weekly, to avoid any mistakes and save you hours spent in an effort to identify the missing transactions. Alternatively, if the checkbook is not reconciled, a different message appears, prompting you to CHECK BANK CLOSING BALANCE and check your transactions. To add more clarity, when balancing your checkbook, the register displays a message to notify you that THE CHECKBOOK IS BALANCED when everything is balanced. The overview also reflects the amount to reconcile, your current checkbook balance and the final balance difference, if any. The summary displays the beginning balance, total of your deposits and withdrawals, and the end balance. Your transactions will reside in the "outstanding" column of the "Reconciliation Data" area for the time being until you are ready to reconcile.Īt the top of the worksheet you will find a summary overview of your checkbook. For that reason you may have to wait until transactions are reflected and only then reconcile each of your entries by entering "r" or "R" in the corresponding cells. If you are issuing a check or receiving a deposit by check, your transaction may not appear immediately on your bank account. When this step is completed, you are ready to start recording your transactions as they occur. If you have no opening balance, you may enter "0" or leave it blank. First, to ensure accuracy, you have to enter your Opening Balance if required, which essentially is the same as the "Balance Carried Forward".
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The main worksheet, labeled "Register", is where you will spend most of your time, but before you start recording your transactions, there are a couple of things you may need to do. The list already contains some predefined transaction types, which, if necessary, you can customize and add more rows for any new transaction type. You can add and define transaction types on the Settings worksheet of this template.