Question

Explain what it means to balance a checkbook and provide a step-by-step guide on how to do it.

Answer 1

Balancing a checkbook is keeping track of how much money you have at any one time in your checking account. Basically you start with the balance of your checkbook(how much you have in the account right now). You add in all deposits that are made to that account and subtract any money taken out of the account(checks, ATM withdrawals, etc.)

Answer 2

keeping the balance in your account up to date so you don't bounce checks. You use a balance ledger and log every transaction.

Answer 3

the day you get your bank statement sit down with the statement and your check book. . take the balance from your statement and subtract from that any checks and withdraws that were made after your statement was printed. Then add any deposits. The 2 totals should then match. If they do not then there is a mistake. . . If there is a mistake then start where u last had a correct balance and go from there.. . One notation to make...... after u balance the totals, then double underline that total in your check book so u know where the last correct balance was at. . Do this every month and u wont ever overdraft your account