Mac App To Balance Checkbook
Mac has some of the best options when it comes to check book software. For example, most Mac users use Splasm Checkbook to carry out their financial tasks. With this software you can manage all your finances precisely and also sync and share your data with other. You can also handle your accounts across numerous currencies.
When you use a checkbook, you need to know basic addition and subtraction to keep it balanced. Balancing a checkbook means you’ve recorded all additions (deposits) made to your account and subtractions (withdrawals). Each deposit and withdrawal is called a transaction. The purpose for balancing a checkbook is to know how much actual money you have in your checking account at any given time.
What’s a checkbook register?
Step one in balancing your checkbook is to mark down all transactions in your register, which comes with your checkbook. The register is a little booklet where you write down each transaction (check, ATM withdrawal, debit card payment or deposit.)
Your register probably will have at least six columns:
Number: The check number.
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Date: The date you made the transaction.
Description: To whom the check was written, or if you made an ATM withdrawal, or used your debit card.
Amount or Debit: The exact sum of the check, withdrawal or payment.
Deposit: This is where you mark down any deposits such as paychecks, money gifts (from a super-wealthy relative, perhaps?), money you may have transferred from a savings account into your checking account, and so on.
Balance: The actual amount of money that’s in your account. You start with an opening balance (the amount of money you had when you opened the checking account). And then, by subtracting all checks, withdrawals, payments, and bank fees, and by adding any deposits or interest payments, you will arrive at your balance for that day.
Checkbook no-no: A bounced check
The lower your balance, the more important it is for you to be precise in recording all transactions; in so doing, you avoid bouncing a check. A bounced check is a check that the bank has returned (bounced back) to you because it’s worthless; that is, the check is for an amount greater than the actual amount of money you have left in your account.
For example, if you send the phone company a check for $100 but your actual balance is only $75, then that check will bounce. When the phone company presents that check to your bank for payment, it will get a notice that your account has insufficient funds. Your bank will charge you a fee, in the range of $25 to $50 (this is a fee that you should ask about when opening an account) and the other party’s bank will charge them a fee, as well. So bouncing a check is not only embarrassing, it can be quite costly.
Protect yourself against ever bouncing a check by having overdraft protection; ask your bank if it offers this service. The bank will then honor your bounced checks, but start charging you interest, usually at a high rate, from day one.
To avoid bouncing a check, you need to know how much money is in your account, which you do by balancing your checkbook. (Going online or to an ATM to check your balance will not give you an accurate number if you have any outstanding checks, that is to say checks you’ve written that have not yet been presented to the bank for payment.)
The most common mistakes when keeping a checkbook
The most common mistakes when keeping a checkbook is forgetting to record each transaction, and forgetting to record it at the time it happens. Yes, your monthly bank statement will give you information on checks you’ve written, or an ATM withdrawal, or a debit card payment — but by the time your statement comes in, you could have written several more checks that remain outstanding.
If you always keep more money in your account than you spend every month, you’ll be safe. But if your balance is usually low by the end of the month the more careful you have to be in making sure you know how much money you actually have.
To avoid making mathematical errors, buy a register cover with a built in calculator. Some even keep track of your balance for you, provided you enter all transactions.
When your statement comes in, you should compare it to your register, fixing any mistakes, such as those times you took cash from an ATM and didn’t record it when you got home. Of course, you can also just believe the bank and adjust the balance in your register to agree with the bank’s closing balance on the closing date, which you can also do at any time by checking on line or at an ATM. But remember, your actual balance may be less than what the bank says if you have outstanding checks.
Think about how difficult it was to clean a house 100 years ago, or make a phone call, or travel across the country.
Tasks that were routine then — like, say, beating a rug to clean it — have all but disappeared.
Likewise, technology has obliterated or automated a lot of the money tasks that were once mandatory for people who wanted to be responsible with their finances. If you do any of the following chores, you can and should do them a lot differently now:
Balance your checkbook
Once upon a time, you got a paper statement each month from your bank. You compared the transactions on that statement with what you’d recorded in your check register, adding in any deposits and subtracting any checks or other transactions that hadn’t posted by the time the statement was printed. Then you spent the next hour trying to figure out why the totals didn’t match. (Here’s how to do it right.)
At least some of us did.
These days, though, we write far fewer checks, most transactions post pretty quickly and bank errors are rare. We still need to monitor our accounts to spot bogus transactions, keep track of our balances and avoid overdrafts, but the monthly ritual of trying to reconcile a statement to a register is pretty much obsolete. (If you still do write a lot of checks, please switch to more secure payment methods. The information on each check gives the bad guys every bit of information they need to raid your account.)
Rebalance your investments
The right asset allocation — how you divvy up your funds among various classes of stocks, bonds and cash — can help you achieve your investment goals with less risk.
In the olden days, we had to decide how much to put where and then regularly rebalance our portfolios back to those target allocations. If stocks did particularly well, for example, we’d have to sell some of those and buy some bonds to get our allocations back on track. If we failed to rebalance, we’d get our clocks cleaned when inevitable stock downturns cratered our portfolios.
Now we can outsource this burdensome task by buying target-date retirement funds, which have asset allocation and rebalancing services baked in. Or we can invest our money with an automated financial advisor that uses computer algorithms to allocate and rebalance our funds. Betterment, Wealthfront, Charles Schwab Intelligent Portfolios and Vanguard Personal Advisor Services are among the investment managers that use technology to automate investing.
Save paperwork
The IRS accepts electronic documents, and so does nearly everyone else.
You can reduce the paperwork that comes into your home by opting for electronic statements and receipts whenever possible. Services such as FileThis can automatically download electronic statements into your computer, relieving you of this chore each month. Virtually any document you get in paper form can be scanned; paper receipts needed for tax purposes should be, since many receipts fade over time otherwise and become unreadable. Back up your computer regularly to a secure online service or to a disk or drive you can store off site.
The only documents you absolutely need to keep in paper form are those that are a hassle to replace, such as birth, marriage and death certificates.
Visit a bank
Get this: People used to stand in lines to give banks their money. I kid you not.
Bringing your paycheck to the bank was a regular ritual for most workers. Today, direct deposit is the safer, automated way to go, while other checks can be deposited with your bank’s smartphone app. Most other chores that used to be done in person, such as applying for a loan, can be done faster and more easily online.
Create a budget
It’s still important to have a plan for where your future money will go and to compare your expenditures against that plan to avoid overspending.
But you no longer have to start from scratch, sifting through a pile of statements and receipts to craft a budget. Account aggregation and budgeting sites such as Mint can analyze months’ worth of transactions to help you create a spending plan, monitor your progress and warn you when you’re about to overspend in a given category.
Track your mileage
Balance My Checkbook App
Back in the day you needed to keep a driving log, usually handwritten, to track your mileage if you wanted to be reimbursed or to deduct the expense in your business. You had to include dates and miles driven plus where you went and the business purpose of the trip. It was a lot of work and it was easy to forget trips, which meant leaving money on the table.
Fortunately, most of the hassle has been automated away now with mileage-tracking apps such as MileIQ that record when and where you drove. You swipe right to classify a trip as business or left to deem it personal. The app lets you assign a specific purpose, such as a commute between offices, customer visit, meeting, travel, etc.
Pay for a credit score or report
Knowing what lenders are saying about you is important, since the information in your credit reports is used to set insurance premiums and utility deposits in addition to determining the rates and terms you get on loans. Credit reports are also used by landlords and many employers.
Not that long ago, you typically had to pay for copies of your credit reports and scores. It was a big step forward when the federally authorized website AnnualCreditReport.com went online more than a decade ago, but you still could access your free credit reports only once a year and you had to pay for scores.
Now you can get both pretty much on demand.
NerdWallet and other personal finance sites offer free credit scores and reports updated monthly or even weekly. The credit reports tend to come from a single credit bureau, and typically the scores are VantageScores, which share a 300-to-850 scale with FICO scores and weigh the information in your credit reports similarly. So while you won’t get a comprehensive view of your credit picture, you’ll get enough information to know generally where you stand with lenders, and you can track your progress as you work to improve and maintain your scores.
Many credit card issuers, including American Express, Bank of America and Barclaycard US, offer free FICO scores to their cardholders, while Discover offers free FICO credit scores to anyone. Capital One offers free VantageScores to anyone.
You may still want to buy your scores from MyFico.com to get a more precise idea of the rates and terms you’re likely to receive on a major loan such as a mortgage or an auto loan, since FICOs are the scores used in most lending decisions. But you don’t need to pay just to keep an eye on your credit.
Liz Weston is a certified financial planner and columnist at NerdWallet, a personal finance website, and author of “Your Credit Score.” Email: [email protected]. Twitter: @lizweston.
This article was written by NerdWallet and was originally published by The Associated Press.
The article Stop Balancing Your Checkbook originally appeared on NerdWallet.
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