A check register is a journal that is used to record your financial transactions. So, you can use it to record all cash and check transactions from your business in one period.
Printable Check Registers Template
What is The Definition of Check Registers?
A check register is a journal that is used to record your financial transactions. So, you can use it to record all cash and check transactions from your business in one period. Some of the categories recorded in the check register are dates, names of people paying, check numbers, account names, and debit and credit transactions.
However, the check register can be personalized depending on your business needs. Reports on the check register are usually also used to determine payments. Therefore, the check register is the most important item for a business because it is closely related to the company's financial processes.
The check register must be made according to the check number. In addition, the categorization method can also be done based on the name of the payer. If it is used for operations, the name of the payer is the name of the supplier. It can help you determine the frequency and volume of payments to those suppliers.
In addition, the check register also provides columns that can help you share transaction information and manage it. In general, those sections are as follows.
- Transaction date.
- Transaction description.
- Transaction number or category.
- Debit and credit transactions.
So, all financial transactions must be written on the check register before being recorded in the general ledger. By using the check register, you can analyze the effect of debit and credit transactions on the balance.
What are The Benefits of Using Check Registers?
The main advantage of using check registers is to help you to monitor all accounting processes. By understanding the credits and debits of transactions, you can adjust your next expenses. So, it will prevent your business from experiencing losses.
The check register provides you with a real-time record of your account balance. So, you can determine the amount of money to spend. In addition, there are several advantages of using check registers.
- Avoid overspending.
- Record the budget and organize it.
- Keep transactions monitored in real time.
- Keep track of the amount of money that has been spent.
- Reconcile bank statements.
- Finding financial transaction errors.
How to Keep Check Registers?
Because check registers are an important tool in finance, you must be able to keep those check registers properly. When you decide to use check registers, you must understand their management and archiving. So, what are alternative ways to keep check registers? Here are some of the best tips.
- First, make sure that all proof of transactions recorded in the check registers are legible. You need to duplicate all proof of the transaction. Make sure that you use the best ink for good results. This is to help you if the proof of the transaction is lost.
- After that, group all the evidence of the transaction based on the type of document or type of transaction.
- Sort all transactions according to the number and date of the transaction. So, it will make it easier for you when looking for those transactions.
- Then, save all proof of the transaction in a folder according to the category. Don't forget to write the title on the cover of the folder. You can provide a code to make it easier to find.
- Next, save all proof of transactions in digital form. This is because the quality of physical evidence will decrease over time. So, you also need to have digital evidence. In this way, you will not worry if the physical document is lost or damaged.
Printable Check Registers Template
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What is The Importance of Keeping Physical Check Registers?
You need to keep physical check registers to be able to track check registers and all proof of transactions easily. If you need a financial evaluation at any time, you can do it easily because all the physical evidence and documents can be easily found.
Imagine if you have difficulty finding all financial documents, it will be a problem. Finally, it will have a bad impact on your business condition.
Especially now, many people like things that are instant and easy to do. So, they also tend to choose methods of keeping financial records that are easy to do. There are several other reasons why you need to keep your physical check registers.
- Control: By keeping physical check registers, you will be able to control all transactions. By looking at your total balance, you can choose options to make payments or purchases. This is very useful, especially when your account balance is limited. So, you will not carelessly make purchases. If you want to use your checking account balance, you can do that too because banks usually ask for physical documents for withdrawing funds.
- Ease of Access: Apart from that, it will also be easier for you to access all your transactions and account balances if you store physical check registers properly. This really helps you if the banking system is having an error. That's when the physical check registers help you because they can always be accessed at any time.
- Budget: Physical check registers are a great way to build financial habits. By keeping check registers, you can monitor your current financial condition. It can help you determine the total amount of money you need to save each month. So, it can be used to achieve your long-term goals.
- Payment Records: If you keep physical check registers well, they will help you in urgent conditions. An example is when you have to report payment to a supplier. You can use those physical check registers to provide proof of payment to suppliers.
Article written by Lestari Nur Aisah, last updated on Jan 26, 2022 and edited by Printablee Team.
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