Instead of simply spending money as if you have an unlimited yearly supply of it, you can regulate your spending to maximize your money longer, and for more important purchases. Of course, since you are continually keeping track of your expenses and the amount of money that is currently in your account, you can have a better grasp of your current balance so that you can control your cash flow and minimize your expenses. By keeping track of your expenses through a checkbook register, you can easily recognize any strange activity in your account, such as a purchase you didn’t make, or a withdrawal you didn’t do. The ways in which we can spend money has gravely increased, and, although this is an infinitely good thing, it also brings so many disadvantages with it.įor one, having different payment methods could also increase the opportunity of hacking into one of your accounts and stealing your identity. We have debit cards, online banking, and ATM withdrawals. You may already be aware of the many, many payment options that are now within our reach. By keeping a checkbook register, you can verify that the amount you have been charged with for a product you have purchased or a service that has been rendered is according to your expectations.ĭownload There is always the chance of fraudulent activities. But, even so, we must still not be overly dependent on that since they may make mistakes too. We can only rely on an establishment’s work integrity to be confident that they are honest with their customers. Once you determined its roots, it will be easier for the bank to amend the mistake.Įven your favorite stores make mistakes too. If you keep a checkbook, not to mention a well-maintained one, you can easily recognize where the inconsistency began since you have kept a record of that month’s transactions. So it will make the investigation of the problem a little more difficult since you wouldn’t know exactly where to start. If ever you face a banking discrepancy, you may not always be able to effectively pinpoint the problem, especially if you have not balanced your checkbook for a couple of months, or ever. It is a strong reference should problems arise. By keeping a checkbook register, you will be kept informed of the present amount that your account currently holds so that you will not spend more than you have. They can reach up to $25 for every transaction. To keep your overdraft fees at a minimum. If you don’t, well, you can just say goodbye to the money you’ve lost out of sheer miscalculation. If you regularly balance your account, this won’t be an issue. If they do, you can easily correct them since you have kept your own records as well.īanks only give their customers at least 60 days to catch a banking error, if there is one. Irregardless of how reliable and trustworthy your bank is, they are bound to commit an error at some point. Keeping a checkbook helps you monitor your bank.īy doing your own calculation of the money in your personal account, you can rest assured that you are not losing even a penny to mistakes that your bank could make. However, here are a couple of reasons why we must not abandon the service of a good old checkbook: With the emergence of so many online applications and mobile banking as an option, checkbook registers are, sadly, as with so many other things, now a thing of the past. In fact, it’s possible that a lot of people don’t know how to use one. Plain Printable Checkbook Register Exampleĭownload Importance of Keeping a Checkbook RegisterĬheckbook registers are not exactly the most popular tools nowadays. You may also check out exit slip examples. For business settings, the company’s bookkeepers are usually the ones who record the transactions in the checkbook register before transferring the data into the general ledger and other ledgers that may be associated with the transaction. It works like a journal but instead of recording your day-to-day activities, you list down your expenses instead.Ī checkbook register is also known as a check ledger or a transaction register. It is a helpful tool in balancing your expenses and keep your finances at a minimum. Keeping a good checkbook account will help you identify where your funds were spent, which can also help you identify should there be any miscalculation that a bank commits.Ī checkbook register is an informal tool that you can use to monitor the exact number of checks you wrote and the money that each one held so that you can determine how much money is left in your account. 10+ Deposit Slip Examples and Templates.9+ Financial Authorization Letter Examples.
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