Checkbooks, debit cards, ATM’s and credit cards are used very often. Nowadays carrying cash is not as common as it used to be and plastic money has taken over the world. For the smallest of things or for bigger transactions, we use either cards or checks and for that maintaining a record for all the transactions conducted is important.
Yes, your bank does keep a record of all the balances but it is necessary that you on an individual level keep them as well. For this, a Checkbook Register is used which is a journal used to keep track of all the transactions that you have conducted such as purchases or in other words the journal which records the issuance of money by your side.
You can use an electronic checkbook register or a book one as well. The usage is according to your feasibility and in both of the methods, you can use the same layout. A well-organized checkbook register should have these columns: The date, check number (or in the case of an ATM or credit card the transaction number on the receipt), the person or entity you have paid, the amount, the credit or debit amount and the balance remaining.
Always remember to save your ATM or credit card receipts until you don’t record the amount. These receipts contain the transaction number and the balance remaining which would save you the hassle from calculating the amount. Maintaining a checkbook register would help you keep a check and balance of all your personal transactions.
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