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Thread: What to do when there is a discrepancy b/w your book & the bank's book

  1. #1
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    What to do when there is a discrepancy b/w your book & the bank's book

    I am sure everyone here tries to balance their check book faithfully every time there is an entry. I tried but over the years there is a gradual build up of + discrepancy (to my favor) between my book and the banks statement. Right now the discrepancy is about + $4000.00. But I have never been able to consider spending the amount of $ beyond what my own book indicates, for fear that anytime the bank is going to catch up with it. I know most likely they are correct.

    What are your experience with your own record vs the banks?

  2. #2
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    We never had a problem with the discrepancy being in our favor. My dh was the world's worst at keeping track of his spending. (He had many wonderful gifts and qualities, but money sense was absolutely missing from his make-up.) Every so often, he'd have to go to the bank and go over his account with the very sweet and patient bank employees there. They would show him the correct accounting and get things straightened out for a bit.

    I suggest you ask about it too. The money won't do you any good if your afraid to spend it. Plus, you don't want to wind up owing when/if they catch a mistake. Sooner or later, they always catch mistakes that cost them money. Good Luck!

  3. #3
    Custom Title Mathman's Avatar
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    Spend it quick!

    Mrs. MM has her own accounting system. We only have one account, but within that, there is all sorts of money salted away in different catergories. The bankbook might say we have $1000, but we really only have $4.54, because $600 is in the "what if you die suddenly and I have to bury you before the insurance comes in" category, and $395.46 is in the "what if your summer class gets canceled and we have to live for three months with no income" category.

    Mathman

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    I have a friend who, when things get out of control like that, closes off the account and just opens a new one!!

  5. #5
    Skating Freak Barbie
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    I never balance. I'm crappy with math, and don't bother with the stress. So I round all checks up....if it's a check for 23.30, I'll round it up to 25 and deduct it. All deposits, I round down to the nearest 5 dollars. The buffer gets rather large at times. Once a year or so, I'll make a point to write no checks for about two weeks, make everything clear so that there will be nothing missing from the banks amount. Then I will add back in the buffer, -100 dollars, and poof, I have Christmas money!

    Yeah, it's some wonder I'm not married, huh??

    Kasey

  6. #6
    Arm Chair Skate Fan show 42's Avatar
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    I have tried for literally decades to try and balance my checkbook with the bank statements, writing down each check and subtracting from the balance. My checkbook totals were never the same as the bank. I had either too much money at the end of the month or not enough. About three months ago I tried on-line banking, and that has literally saved my sanity. Now I just write the check and then write it down in the checkbook. At the end of the day, I log on and check my total with the bank. It shows which checks have cleared and then I just cross it out in my checkbook. I can check daily to see my balance . I now pay checks as they come in and mail them one week before they are due. I used to write my monthly bills at one time at the end of the month and mail them at the same time..........I love on-line banking...... (What I haven't done yet is initiated on-line bill paying........that's my next step)...........42

  7. #7
    Da' Spellin' Homegirl Grgranny's Avatar
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    Online banking is great. That's what I do and I pay most of my bills that way too. I don't have to use nearly as many stamps. I check that and my credit card almost every day.

  8. #8
    On Edge Piel's Avatar
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    Originally posted by Mathman
    Spend it quick!

    The bankbook might say we have $1000, but we really only have $4.54, because $600 is in the "what if you die suddenly and I have to bury you before the insurance comes in" category

    Mathman
    LMAO

    Larry, tell Mrs. MM not to worry. In the event that would happen all of of your friends here at GS will take turns keeping "what was once Mathman"for a week at a time until the insurance comes in. All we ask is that you kick the bucket during the colder months:D .

  9. #9
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    Thanks for the ideas. I have never tried online banking. Sounds like a good idea. I am actually tempted to close the current one and open a new account. Anyway I spent the whole day rebalancing the checking account, and now my book is only about $2800.00 less than the banks.

    I have $1200.00 to spend :D
    Last edited by gezando; 05-23-2004 at 12:20 AM.

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