1. BALANCING YOUR CHECK REGISTRY LESSON 3

2. SHORT CLASS DISCUSSION… What does it mean to “balance” something?? ______________________________________________________________ _______________________________________________________________

3. IMPORTANT VOCABULARY! A checkbook is… A book of blank checks with a check registry for recording written checks. A check registry is… the journal used to record all of the checks, cash payments, and credits or deposits for your bank account.

4. PUT OUR TWO WORDS TOGETHER… Balancing your check registry… means you've recorded all additions (deposits) made to your account and subtractions (withdrawals). Each deposit and withdrawal is called a transaction. So why is it important?? The purpose for balancing a checkbook is to know how much actual money you have in your checking account at any given time.

5. SO… WHAT DOES A CHECK RESISTER LOOK LIKE? Check Number Date of Transaction What was the Transaction for? Did the transaction go through? Taking money out (paying) Putting money in (getting Money) Money left in account

6. CHECK NUMBER The check number is in the top right-hand corner of every check. Writing it down here lets you remember when you wrote the check.

7. USE THE CHECK TO FILL OUT THE NUMBER COLUMN BELOW… ~Note: If your transaction is not from a check, you leave the number column empty

8. DATE OF TRANSACTION In this column, you write down the date you put in or took out money. If you wrote a check, the date can be found on the top of the check on the right

9. USE THE INFORMATION TO FILL OUT THE DATE COLUMN BELOW…

10. DESCRIPTION OF TRANSACTION In this column, you write down why you gave (paid) or got money. In checks, this is located in the “pay to the order of” line or the memo Line

11. USE THE INFORMATION TO FILL OUT THE DESCRIPTION OF TRANSACTION COLUMN BELOW…

12. C The C column is checked when you know your check has “gone through” This means the person paying has officially given you the money written on the check It usually takes at least a day for a check to be “cleared.” This means, when you deposit a check, you have to wait a day or so before the money is actually in your account. When you know your check is cleared, put a checkmark in this column

13. DEBIT In this column, you write the amount of money that you are paying. That money is subtracted from the money in your account (balance). The debit can be found on the right side of the check in the box with the $. ~Note: if your transaction is not a debit, leave this column empty

14. USE THE INFORMATION TO FILL OUT THE DEBIT COLUMN BELOW…

15. CREDIT In this column, you write the amount of money paid to you. The money is added to the money in your account (balance). The credit can be found on the right side of the check in the box with the $. ~Note: if your transaction is not a credit, leave this column empty

16. USE THE INFORMATION TO FILL OUT THE CREDIT COLUMN BELOW…

17. HOW CAN YOU TELL THE DIFFERENCE BETWEEN A CREDIT AND A DEBIT?! A check will be a CREDIT to your account when it is written out to you (your name is in the “pay to the order of” line). A check will be a DEBIT when you are writing a check to pay someone else. Your name here Someone else’s name

18. BALANCE This column is used to track the total amount of money in your bank account. To find your balance, you either need to… Subtract (-) the debit from your previous balance Or Add (+) the credit to your previous balance

19. USE THE INFORMATION TO FIND THE NEW BALANCE 12-14-15Beginning Balance$200 100 12-16-15Cable Billx $100 12-20-15 Birthday Money x $150

20. ET: COMPLETE THE CHECK REGISTER USING THE FOLLOWING INFORMATION: Your beginning balance is: $300 You get paid by your job: $500 You buy groceries and write a check: You pay your neighbor for mowing your lawn: