Your cash plan's checking account
Balancing your checking account is the monthly process of comparing the entries in the your transaction register with the transactions on a checking account statement from the bank or credit union. Balancing your monthly checking account statement is how you:
Doing this monthly task is strongly encouraged. Failing to balance your transaction register once a month opens the possibility of occasional errors, fees and omissions that can bring your cash plan ledgers out of balance with your checking account. Using inaccurate amounts in your financial planning could result in overdrafts and other rejected withdrawals as well as weakening, if not destroying, your cash plan.
Balancing your checking account once a month takes a few minutes. Not balancing could become very expensive, frustrating and self-defeating.
While balancing your checking account, you can exit the Balance Checking Account window at any time. When the window is closed during balancing by any means other than clicking on the Balance or OK button, all entered values and checked items are saved. This lets you exit the Balance Checking Account window before you are done so you can fix problems. After making corrections, reopen the Balance Checking Account window to continue where you left off.
Once you start balancing a checking account statement, do not close You Need A Cash Plan until you have finished balancing the statement.
If you have recently started using You Need A Cash Plan, you may have a manual or digital check register that you used prior to getting started with the program. The entries in your residual check register that have not yet appeared on a statement must be checked as cleared when they appear on a monthly statement so that the totals of any uncleared items can be calculated.
When all items in your residual check register have been cleared, you no longer need it for any reason other than an historical record.