If your cash doesn’t match the balance shown in the register, then you get to burn the midnight oil until you eventually recall your mistake. For instance, you have cash on hand, which requires its own checkbook register, and for which you will never get printed statements, you just balance every night before going to bed. You save every receipt at the time of purchase in the correct checkbook cover for that account for later reference. You always double check your receipt for the correct amount. This wasted time can add up, so correct the error as soon as possible.Problem #2: You entered the amount that was paid by the financial institution incorrectly.This should never happen. Thus, the less time that you will spend flipping through pages, wondering where in the heck that transaction got to. The sooner that you correct this type of error, the closer the entry will be to where you would normally expect to find it. Put in the correct date, and the check or the transaction number, so you can easily note that it is out of sequence, and find it more rapidly later. It just makes it a tiny bit more difficult to balance at the end of the statement period, as you might have to search a bit for the out of sequence transaction.When you realize that you forgot to enter an automatic or recurring transaction, (or any other, for that matter), simply make an entry as soon as you realize that you made an error. Let’s see how to fix them and get on with our lives.Problem #1: You put a transaction in out of order.This is not a problem. Otherwise, no matter how much perceived value it may have to you, you cannot afford it at this time.Okay, so we all make mistakes.
If you have more than enough, then you can at least decide to buy it, if it brings enough value to your life. Of course there are consequences!You cannot answer the most important question of your life while making purchase decisions! Which is:Can I afford to buy this thing?To know the answer, you must have an accurate balance.
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