Dec 27
Personal accounting is dealt with checking, savings, income, credit card, cash and common expenses. This keeps a complete track on entire transactions, a simple check book to accurate record of expenses and income. It clearly shows how you have managed your accounts.
You balance your checkbook to notice any charges in your bank account that you have not recorded in your checkbook. Some of these contain Overdraft fees, ATM fees, special transaction fees or low balance fees, if you are required to keep a minimum balance in your account. You also balance your checkbook to trace any credits that you have not noted earlier. Sometimes it contains automatic deposits.