How checking accounts work
Bank Statement
Your bank will send you a statement each month. It lists all of the money that came in and went out of your account. Read your statement. Make sure there are no mistakes. If there is a mistake, contact your bank.
Compare Your Register to Your Statement
When you receive your bank statement, take time to compare it to your check register. This will help to make sure that everything is correct.
There are four steps to balancing your check register with your statement.
1. In your check register, put a check mark on the line for every check and every deposit that is listed on your bank statement. (That means the check has “cleared.”)
2. Write down the numbers and the amounts of the checks that are not on the statement. These are called “outstanding” checks that have not “cleared” yet.
3. Add up the “outstanding” checks and any deposits you made since the bank statement not on the statement together.
Subtract the amount in #3 from the “ending balance” on the statement. This number should match the balance you show in your check register.
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