How to balance a checkbook
Six steps, the same ones a printed worksheet below walks you through, and the same method the app carries out for you.
The six steps
- 01
Gather the statement and the register
Get your paper bank statement and your check register in front of you. You will need both for every step below.
- 02
Tick off every item that appears on both
Go down the statement and find each check, withdrawal and deposit in your register. Tick both copies as you match them. Whatever is left unticked is what the two sides do not yet agree on.
- 03
List the checks and withdrawals not yet cleared
Write down every check and withdrawal in your register that the statement does not show yet. These are outstanding, and the statement balance has to account for them too.
- 04
List the deposits not yet shown
Do the same for deposits: any you have recorded that the statement does not show yet. These are in transit, and the statement balance needs them added.
- 05
Adjust both sides
Add the deposits in transit to the statement balance, and subtract the outstanding checks and withdrawals. On the register side, subtract any fees the bank took that you have not entered, and add any interest the bank paid that you have not entered.
- 06
Compare
The two adjusted figures should now match to the penny. If they do not, the common causes are a mistyped amount, an item entered twice, or an item left out altogether.
What the app does: Tick each entry off against your paper statement and watch the difference land on $0.00. Once you lock a statement it is settled, and an app update does not rewrite it.
Prefer typing to writing? Do the arithmetic on screen instead.
A printable worksheet
Laid out like the form on the back of a paper statement. Printing it shows the worksheet alone.
Checks and withdrawals not yet cleared
| Check # | Amount |
|---|---|
| Total |
Deposits not yet shown
| Date | Amount |
|---|---|
| Total |
Adjusted statement balance
- Statement balance
- Add: deposits not yet shown
- Subtract: checks and withdrawals not yet cleared
- Adjusted statement balance
Adjusted register balance
- Register balance
- Subtract: fees and charges not yet entered
- Add: interest not yet entered
- Adjusted register balance
Questions about balancing a checkbook
How often should I balance my checkbook?
Most people do it every time a new statement arrives, monthly or so. Doing it every time keeps the list of outstanding items short, which makes the next one faster.
What if the two sides never match?
Go back through the six steps in order and check each amount against the statement again, watching for a transposed digit or an item entered twice. If it still will not close, write down the figures you have and ask your bank to go through the statement with you.
Do I need a calculator for this?
No, the worksheet is designed for a pen. If you would rather do the arithmetic on a screen, the calculator does it for you as you type.
Or let the app tick them off
Free to try. $9.99 once to keep writing. The app is a free download and everything works from the first day — entries, reconciling, search, recurring bills, transfers, export and backup. It asks for the one-time $9.99 after you balance your first statement, or after 100 entries, whichever comes first.
