Glenda Moehlenpah, CPA, CFP®

 

Financial Bridges

13319 Poway Road, #506

Poway, CA 92064

 

Phone:  858-486-0100

 

Email: glenda@financialbridges.com

Website: www.FinancialBridges.com

July/August 2021

Balancing Act

Online banking and mobile banking apps may have made it easier to keep track of your checking account balance, but it’s still important to make sure your records match your bank statement. Balancing your checking account regularly allows you to catch any merchant errors and spot problems, such as fraudulent charges, missed automatic payments, missing deposits, or subscriptions you thought you’d cancelled.


Balance Your Checking Account

  1. Start with the opening balance (the amount of money showing in your account).

  2. Subtract pending transactions, including checks you’ve written, ATM withdrawals, automatic bill payments and debit card charges.

  3. Add expected deposits, credits and any interest earned.

  4. Deduct fees and charges.

  5. Record the ending balance (your available funds).


If the balance doesn’t match your account statement, go through your records again to find the discrepancy. Common errors include forgetting to record a transaction, transposing numbers and adding or subtracting incorrectly.


Expensive Mistakes
Your financial institution will charge you an insufficient-funds fee for each transaction that overdraws your account. Consider setting up overdraft protection or automatic transfers from a savings account.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Financial Bridges and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.