I wanted to search for this but I don’t really know what to call it. I have a budget in a spreadsheet, and I want to ensure that my money in checking and savings, as well as my credit card balances, are all reflected accurately in the budget. For example, if I forget to add some transactions, how can I keep from getting totally off track month to month? Does this math work: Checking account + cash - credit card balances - emergency fund = $ left to assign?
The name for this is bank reconciliation. It’s a process to ensure your records match your actual balances.
Idk if this is what you’re asking, but I’ve always loved this spreadsheet. You can form it to do whatever you need: Budget Template 2021
Thanks for trying to help! I have a spreadsheet I use. I’m asking how to make sure what is represented in my spreadsheet is how much money I actually have. Like if I forget to subtract $17.10 for dog food in my budget, then somewhere down the line I’ll think I have $17.10 more than I actually have. So periodically, like at the end of the month, I want to ensure I ACTUALLY KNOW how much money I have left to assign in my budget even if I forgot to deduct a purchase at some point.
@Jai
You might want to do a monthly check where you compare your actual bank statements to your spreadsheet. This way, you can catch any missed transactions.
Abigail said:
@Jai
You might want to do a monthly check where you compare your actual bank statements to your spreadsheet. This way, you can catch any missed transactions.
That makes sense! So basically, I should set aside time each month to go through everything and make sure it matches up?
@Jai
Exactly! It helps to have a routine so you stay on top of it and don’t get lost in the numbers.