Comments on: Leaving Checking Account Dormant For Two Weeks In Anticipation Of First Paycheck http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/ Debt Reduction Rocks - We Are Living Debt Free! Fri, 10 Feb 2012 00:09:10 +0000 hourly 1 By: Sue http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/comment-page-1/#comment-74606 Sue Sat, 19 Jan 2008 02:55:16 +0000 http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/#comment-74606 Excel really helps me in this endeavor. We have 5 columns for each pay period. Check #, Due Date, AMOUNT, Paid 1st column frozen (stays there all the time) is categories for payments The fourth column will show the AMOUNT really in the bank account once all payments have cleared and the fifth column ties into our bank balance. I do the normal updating from our online account to the excel sheet rather than to the actual check register. Rows would include Beg Balance, Deposits, Payments and the total would be beg balance + deposits - payments. The total for the amounts would become the new beg balance and the total for Paid would become the new beg balnce for the paid. At the end of each pay period the Amount and Paid columns equal and I move all the pending items to the next pay columns. Takes some work but the flaws are when you write a paper check and do not record it in Excel. Then you would be adding it after it hits the online system. 8/25/2006 Description Check # Date Amount Paid Beginning balance Deposits AAA Mid-Atlantic membership Babysitting Babysitting Car -- auto insurance Excel really helps me in this endeavor. We have 5 columns for each pay period.

Check #, Due Date, AMOUNT, Paid
1st column frozen (stays there all the time) is categories for payments

The fourth column will show the AMOUNT really in the bank account once all payments have cleared and the fifth column ties into our bank balance.

I do the normal updating from our online account to the excel sheet rather than to the actual check register.
Rows would include Beg Balance, Deposits, Payments and the total would be beg balance + deposits – payments.
The total for the amounts would become the new beg balance and the total for Paid would become the new beg balnce for the paid.

At the end of each pay period the Amount and Paid columns equal and I move all the pending items to the next pay columns.

Takes some work but the flaws are when you write a paper check and do not record it in Excel. Then you would be adding it after it hits the online system.

8/25/2006
Description Check # Date Amount Paid
Beginning balance
Deposits
AAA Mid-Atlantic membership
Babysitting
Babysitting
Car — auto insurance

]]> By: Nancy http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/comment-page-1/#comment-72224 Nancy Sat, 12 Jan 2008 02:20:11 +0000 http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/#comment-72224 There's no guarantee that 2 weeks will be long enough for all checks to process. I have had checks take over six weeks to be deposited, especially when I've written them to smaller nonprofit groups, like the PTO or the local Boy Scout chapter. I even have two checks from 2001 that have never been processed. I asked my bank about them, and technically they can no longer be deposited, but since both were written to large corporations, they probably would be processed electronically, in which case, the date written would not be taken into consideration. I balance my checkbook every Monday morning. Because I do it regularly, it only takes about 5 minutes. I take my checkbook total, add in the outstanding checks, and compare to the online total. I use the checkmark box to mark off when transactions have finished processing. The only thing I have to be careful of is when a restaurant tab is pending, they don't show the full amount with tip. I can tell what I've spent in a given month by just looking at the dates of the transactions. Before I began doing this "old school" balancing, I used to have a horrible time figuring out what I had on hand for paying bills. There’s no guarantee that 2 weeks will be long enough for all checks to process. I have had checks take over six weeks to be deposited, especially when I’ve written them to smaller nonprofit groups, like the PTO or the local Boy Scout chapter. I even have two checks from 2001 that have never been processed. I asked my bank about them, and technically they can no longer be deposited, but since both were written to large corporations, they probably would be processed electronically, in which case, the date written would not be taken into consideration.

I balance my checkbook every Monday morning. Because I do it regularly, it only takes about 5 minutes. I take my checkbook total, add in the outstanding checks, and compare to the online total. I use the checkmark box to mark off when transactions have finished processing. The only thing I have to be careful of is when a restaurant tab is pending, they don’t show the full amount with tip. I can tell what I’ve spent in a given month by just looking at the dates of the transactions.

Before I began doing this “old school” balancing, I used to have a horrible time figuring out what I had on hand for paying bills.

]]> By: Toxic Money http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/comment-page-1/#comment-71886 Toxic Money Fri, 11 Jan 2008 02:27:26 +0000 http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/#comment-71886 What a great idea. I wish we could do the same, but we're just not as disciplined yet... maybe next year :) What a great idea. I wish we could do the same, but we’re just not as disciplined yet… maybe next year :)

]]> By: NCN http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/comment-page-1/#comment-71832 NCN Thu, 10 Jan 2008 23:32:22 +0000 http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/#comment-71832 bryan, I DO... My goal here was to help folks who were just starting out... or folks who wanted to start w/ a new budgeting plan, etc... If you want things to "even" out... simply stop using the account for a few days or weeks, you'll know where you are, and you can move forward... but, as a person who likes things to be orderly, i do this from time to time, just to "clean things up a bit"... and, if you've never used a bookkeeping software, this might be a good way to 'get started' and know the exact amount... NCN bryan,
I DO…
My goal here was to help folks who were just starting out… or folks who wanted to start w/ a new budgeting plan, etc… If you want things to “even” out… simply stop using the account for a few days or weeks, you’ll know where you are, and you can move forward… but, as a person who likes things to be orderly, i do this from time to time, just to “clean things up a bit”… and, if you’ve never used a bookkeeping software, this might be a good way to ‘get started’ and know the exact amount…
NCN

]]> By: bryan http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/comment-page-1/#comment-71831 bryan Thu, 10 Jan 2008 23:25:00 +0000 http://www.ncnblog.com/2008/01/10/leaving-checking-account-dormant-for-two-weeks-in-anticipation-of-first-paycheck/#comment-71831 i dont understand? why dont you use some sort of bookkeeping software such as quickbooks, quicken, money, etc. to enter your receipts and have a full picture of your finances...? i dont understand? why dont you use some sort of bookkeeping software such as quickbooks, quicken, money, etc. to enter your receipts and have a full picture of your finances…?

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