balancing your checkbook
A spreadsheet can be very useful to help you keep track of your money. Follow these instructions to create a checkbook for our fictional person:
- Open Excel and open a blank spreadsheet.
- On the first line enter check # in cell A1, date in cell B1, description in cell C1, debit in cell D1, credit in cell E1, and balance in cell F1.
- Now, let's set this up so we don't have to always type in a dollar sign when we're dealing with money amounts. Highlight letters D, E, and F . Right-Click them, and choose "Format Cells." Select the "Number" tab, and pick "Currency."
- type open account (initial deposit) or starting balance in Cell C2
- then enter a beginning balance of $500 in cell E2 and F2
- Click on cell F3 and type the following equation. =F2-D3+E3 and hit enter
- Click on cell F3.
- Notice the outline of the cell and Notice the little square in the lower right corner of the cell.
- Click on that little square and hold down the mouse button and drag the mouse down a few cells. (this copies the formula - relative to its position to the cells you selected.)
When you enter your information for the month, be sure to organize it correctly. Sometimes you won't have a check # (if it's not a check). There will always be a date and description. Then you'll either put a number under Debit or Credit, depending on whether you spent/earned money.
DEBIT is spending $$$$, CREDIT is gaining $$$$$$$$
- Enter each one of these transactions on its own row.....
- April 1: Taco Bell $5.36
- April 1: BreakTime $39.08
- April 2: Wal-Mart $111.60
- April 4: McDonalds $3.96
- April 6: Internet Bill $34.99
- April 6: Check #1041 Utilities Bill $84.01
- April 8: Dollar Tree $4.30
- April 8: Big Lots $13.98
- April 11: Dollar General $6.44
- April 11: Deposit Paycheck $1000
- April 15: AT&T CellPhone $50.23
- April 15: Check #1042 Contacts Bill $260
- April 16: Taco Bell $4.28
- April 17: Empire Heating/Electric Bill $73.21
- April 18: McDonalds $5.14
- April 20: Taco Bell $4.28
- April 20: Check #1040 House Payment $650
- April 21: Deposit Paycheck $1000
- April 23: McDonalds $4.71
- April 24: Break Time $40.46
- April 25: Sonic $6.53
- April 26: DishNetwork Cable $45.66
- April 26: McDonalds $3.96
- April 27: Taco Bell $5.57
- April 28: KFC $3.75
- April 29: Credit Card Bill $66.90
- You should be ready for Row 29. Leave this row blank.
- In Row 30, we can see how much $$ you earned vs. how much $$ you spent. First, highlight all the numbers in the "Debit" column. Then click the "AutoSum" symbol. It's a Sigma....looks like a crazy letter "E". Do the same thing for the "Credits, " but don't highlight the $500 you already had to start the month. Just highlight the two paycheck amounts.
- Type the answers to these to questions somewhere at the bottom of your spreadsheet. DID YOU GAIN OR LOSE MONEY OVER THE MONTH?
HOW MUCH MONEY DID YOU END THE MONTH WITH?
- Before you print, make sure you print the gridlines. It's under "File"...then "Page Setup"....you'll have to check a box that says "PRINT GRIDLINES."
- Print preview, save, then print!