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Another reason to balance your checking account is to check for fraud. If you’re reconciling your account and there’s a difference between the balance you expect to have and the balance your ...
Keeping a checkbook register, enrolling in internet banking and reconciling checks are all great ways to stay on top of what is coming in and out of the account.
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Reconciliation in accounting is not only important for businesses, but may also be convenient for households and individuals. It is prudent to reconcile credit card accounts and checkbooks on a regular basis, for example. This is done by comparing debit card receipts or check copies with a person's bank statements. Benefits of reconciling:
A bank reconciliation statement is a statement prepared by the entity as part of the reconciliation process which sets out the entries which have caused the difference between the two balances. For example, it would list outstanding cheques (ie., issued cheques that have still not been presented at the bank for payment).
While we may not all be personal finance pros, we're all familiar with the money rules that kick in when we're adults: Don't charge over your credit limit, never co-sign a loan for a friend, and ...