Balancing checking account on computer?
I balanced my checking account in December 2010 using Microsoft Money 2008. This was for the month of November. Now I’m trying to balance it again and the starting balance on my computer differs from the one on the next monthly statement. What gives?
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There’s a time lag between the time you receive your monthly statement and the computer statement. The computer statement should be the most up to the minute one, so I would go by that one. Either way, you should be able to reconcile to both adjusting for the checks and deposits that have cleared since you received your statement.
Ok. That makes sense. I maybe should explain a little more. I’m using Microsoft Money 2008. In December I balanced my account using the paper statement I received in the mail for the month of November. I balanced it to the penny and now am trying to do Decembers. Well, the November balance (in my computer) does not match the balance on the paper statement for December.
To point out the obvious, you’re a bit behind. :-)
Ask your bank. Perhaps they are subtracting fees without your knowing it.
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My wife has her own bank accounts and I have mine.
She always has a problem balancing her checkbook, because of the lag time of her banks computers. Her bank holds paid or deposit items for three days and this creates a huge problem for her.
My bank, which is a credit union, has real time computers. I can make a debit or credit at an ATM and my balance instantly reflects that transaction. Her computer does not work this way.
We are considering transferring her accounts to another bank with real time computers.
Maybe, you should, too.
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