Efficient Check Register Management for Financial Tracking
Learn how to maintain a check register to track your checking account transactions accurately and calculate your new balance effectively. Practice examples included for mastering your check register skills.
Efficient Check Register Management for Financial Tracking
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Presentation Transcript
SECTION 4-3 pp. 172-174 Check Registers
Figure out: the balance in a check register Section Objective
Key Words to Know check register (p. 172) A record you keep of your checking account deposits, withdrawals, and transfers. balance (p. 172) The amount of money you have in an account.
Formula How do I calculate the new balance? Step 1: New = Previous – Check – Automatic Balance Balance Amount Transfers Step 2: New Balance = Previous Balance + Deposit Amounts
Fleet Footed Finances p. 172 Why is it good to get in the habit of tracking the money in your checking account?
Example 1 The previous balance in your check register is $345.98. You make a deposit of $75.00. You write a check for $45.00. What is your new balance?
Example 1 Answer Step: Figure out the balance. $345.98 + $75.00 – $45.00 = $375.98
Example 2 Margaret Miller’s checking account had a balance of $313.54. She wrote a check for $45.78 on March 2. On March 5 the bank made an automatic transfer (AT) of $52.55. She made a deposit of $240.32 on March 10. What is the new balance in Miller’s account?
Example 2 Answer Step: Figure out the balance.
Practice 1 Find the new balance after each check or deposit. Balance: $542.62 Deposit: $125.00 New Balance: Amount of Check: $74.38 New Balance:
Practice 1 Answer Balance: $542.62 Deposit: $125.00 New Balance: $667.62 Amount of Check: $74.38 New Balance: $593.24
Practice 2 Find the new balance after each check or deposit. Balance: $197.23 Amount of Check: $48.72 New Balance: Amount of Check: $17.49 New Balance:
Practice 2 Answer Balance: $197.23 Amount of Check: $48.72 Balance: $148.51 Amount of Check: $17.49 Balance: $131.02
END OF SECTION 4-3 Check Registers
