Final answer:
To accurately track finances, record deposits, withdrawals, bank fees, e-check transactions, electronic bill payments, and interest earned in your check register. Regular maintenance prevents overdrafts and ensures a clear financial picture.
Step-by-step explanation:
To accurately track your money and spending, several things should be recorded in your check register. First, you should record all deposits, which includes your paycheck and any other money you receive. Second, it's essential to keep track of all withdrawals, which encapsulate checks you've written, debit card transactions, and ATM cash withdrawals. You also need to note any fees charged by your bank, including overdraft fees or monthly service charges. Recording e-check transactions and electric bill payments is equally important, as these may not be reflected immediately in your balance. Lastly, don't forget to include interest earned if your account accrues it.
Keeping up with these records helps you manage your cash flow and budget effectively, preventing overdrafts and unexpected fees. Balancing your checkbook regularly by comparing your register with your bank statement confirms the accuracy of your records and your financial status.