Help catch any errors you may have made entering or downloading transactions into your personal checkbook register.For example, maybe be bank charge you a monthly service fee, but since you met the balance requirement, you should not have been charged, so balancing your checkbook can help find these errors. Help prevent overdrawn accounts and bank overdraft fees by maintaining your own checkbook register and reconciling it.Balancing your checkbook and reconciling your bank account is more important now more than ever with identify theft on the rise and so many transactions happening over the internet. Banks generally have a limited time frame that you can notify them of these fraudulent activities after they happen so that is another reason the it is import to regularly balance your bank account and notify your bank promptly of any issues. If you see a purchase or debit on your account in your bank statement that you did not authorize, then you can report it to the bank. Bank have systems in place to catch fraud and notify you but they may not catch all bank account fraud, so balancing your checkbook regularly may help catch fraud and then you can notify the bank to start the process to remove any fraudulent bank transactions. Help determine is fraudulent activity and identity theft happened in your account.With online banking, you can reconcile your checking account more often since you have access to your accounts posted transactions and balances online via online banking at any point in time and not just when the statement closes and the statements are printed and mailed to you. You should reconcile your bank account at least every month or more if you can.The bank could make a mistake and post the incorrect amount and not post the item at all or you could have made a mistake in the registers so that is why you reconcile and compare the two and make any necessary changes to the checkbook register or by notifying the bank of any issues with their records of your account. So if you write a check and record it in your register, your bank account may not reflect the same balance because it takes several days for the check to clear the bank. Outstanding items are items that you have recording in your register but have not cleared the bank yet. Your register, if you recorded all of your transactions correctly, may show your balance differently because of outstanding items. Its also important to keep your own registers because of outstanding items. That is why it is so important to keep your own checkbook register and record all of your transactions in the personal checkbook register so that you can verify if the bank recorded the transactions correctly as reflected by the bank statements or online banking. In part, you are making sure that transactions recorded by the bank are correct and match with what you recorded in your personal checkbook register or money management software. You want to make sure that all bank deposits, ATM transactions, checks written, debit card purchases, automatic payments, transfers, credits, bank fees, and all other checking account inflows and outflows have been properly recorded by you in your personal checkbook register and by the bank for a particular period of time, usually the statement period. Typically, paper bank statements are sent via the mail but you can also sign into online banking and download a copy of your bank statements into a PDF format. You can reconcile your checking account by comparing your personal checking account register that you keep to record your transactions (whether its a paper checkbook register, Excel checkbook register, or personal finance software) to your banks monthly statements.Video - How to reconcile checking account in Excel checkbook registers Applies to Excel templates: " Georges Budget for Excel", " Georges Excel Checkbook Register", " Georges Excel Checkbook for Mac"
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