Your checking account statements are a never-ending source of anxiety. You know that your balance is always fluctuating, but looking at your statement and seeing that you have less than expected can feel like an emotional punch to the gut. You may have forgotten to make deposits or have gotten a refund that’s higher than you thought it would be. Or perhaps there’s been some irregular activity on your side. Whatever the reason, when your bank statement does not match what you expected, it can cause great stress. However, this feeling isn’t just temporary — it shows how badly you handle money and budgeting as a whole. The good news is that learning how to edit a bank statement is simple if you take steps from the get-go. In this article, we explain everything you need to know about banking statements so that next time around, things go smoothly for you too!
How To Edit A Bank Statement
Take note of the date
The date is the most important part of your bank statement. It’s the day and time that the information on your bank statement was recorded. For example, if your bank statement indicates a transaction dated on August 22, that means that the money for that transaction was not deposited or withdrawn until August 22. In other words, it was not a cash transaction. However, if the date is October 22, it means that the transaction happened on October 22 — that’s a cash transaction, so note that on the back of your statement. You’re also going to want to note which account the money from the transaction came from. If you have multiple accounts, you’ll want to know the account it’s coming out of so you can make sure you pay that account first. You can also note any account numbers or names printed on your statement. This will help you when doing your taxes and other financial reports in the future.
Scan through the statement
You’ll want to simply take a quick look at the statement to see where your money is going and how much you have. If you have a color scanner, this is the perfect time to use it! If not, take a notebook and pen and start jotting notes down right away to help you understand the transaction details. Jot down any account numbers, names, and amounts in a notebook. If you have a pen, write the information down with ink so it’s easy to find. You’ll also want to take a quick look through your other bank statements as well to help you identify recurring expenses and account numbers. This will help narrow down any recurring expenses that you may be forgetting to budget for.
Pay your bills immediately
You want to make sure that you pay any bills that are due immediately. This means paying your mortgage ahead of schedule so that the bank doesn’t continue to take interest on it, your electric bill, and your phone bill. If you have credit card bills, you can pay them immediately as well in order to get them out of the way as soon as possible. Any bills that are already due can be paid after you’ve read your bank statement thoroughly. This will help you keep track of your bills so you can make sure you don’t miss any payments.
Search for fees and charges
Now that you’ve paid your bills, you want to search for any fees or charges that are associated with the bills. This is important because you don’t want to accidentally pay extra fees and charges that are not associated with the bills. There are a couple ways to go about this. You can either look through your statements to find any fees or charges that are not directly related to the bills themselves. Or, you can search online to help you find any fees or charges that are not on your statement. Now that you’ve identified any fees or charges, you’ll want to make sure you take note of it on your bank statement. This will help you be in touch with your money and avoid any unnecessary fees and charges in the future.
Look for recurring payments you can stop
Recurring payments are one of the most important things to understand when reading your bank statement. These are payments that are made from the same account over and over again. You’ll want to look for any recurring payments that are coming out of your account. These could be for your mortgage, utilities, or even insurance policies. Now that you’ve identified any recurring payments on your bank statement, you’ll want to make a note of it. This will help you avoid missing any payments in the future because you’ll be able to quickly look for them on your bank statement.
Identify new transactions that need to be added
Now that you’ve identified any fees or charges that are not associated with your bills, you’ll want to take a look through your bank statement to find any new transactions. New transactions could be the result of spending money on something you have no business spending money on. This could be a new hobby, a new car payment, or even a new dog. Identify any new transactions and make a note of it on your bank statement. This will help you identify any areas of your finances that you need to be looking at. This is also a great time to add any new transactions that you forgot to add before. This could be a deposit you forgot to put in your savings account, or even a cash withdrawal from your ATM. These are great examples of new transactions that you’ll want to make a note of on your bank statement.
Track your investments
Now that you’ve identified any new transactions, you want to look for any investments that are listed on your bank statement. This could be stocks, bonds, or other investment accounts. You’ll want to make a note of any investments listed on your bank statement. This will help you keep track of your finances and make sure you’re investing in the right places so you don’t lose any more money. This is also a great time to add any additional information to any investments that you’ve identified on your bank statement. This will help you keep track of the information and make sure it’s easy to find when you’re reviewing your bank statement.
Maintain an organized financial portfolio
Now that you’ve taken note of any fees or charges that are not related to your bills and investments, you’ll want to take a look at your financial portfolio. This should help you identify any loans or debts that you may have borrowed money on that you don’t want to pay back. This could be a car loan, a credit card loan, or even a mortgage. You’ll want to make a note of any debts listed on your bank statement that you don’t want to pay back. This will help you keep track of your finances and ensure that you don’t make any unnecessary purchases without taking a trip to the bank.
Why Does Your Bank Need To Send You A Statement?
1. To keep you informed of your financial activity
Your bank needs to send you a statement so that you can stay informed about your financial activity. You can use the statement to keep track of your spending and savings, identify any fraudulent activity, and review any fees or charges associated with your accounts.
2. To help you manage your finances
Your bank statement is a great way for you to manage your finances. It will allow you to see where all of your money is going and make sure that it is being used wisely. This can help you budget more effectively and make better decisions about how to use your money in the future.
3. To ensure accuracy
Your bank statement will also help ensure accuracy when it comes to transactions that have been made on your account. This way, if there are any discrepancies or errors in the statement, they can be quickly identified and corrected. This helps protect both you and the bank from any potential fraud or unauthorized activity on the account.
4. To help you identify fraudulent activity
Lastly, your bank statement can be used to help you identify any suspicious or fraudulent activity on your account. By reviewing the statement regularly, you can quickly spot any suspicious transactions and contact your bank to report them. This helps protect both you and the bank from potential fraud or identity theft.
5. To comply with regulatory requirements
Finally, your bank needs to send you a statement in order to comply with regulatory requirements. Banks are required by law to provide customers with an accurate and up-to-date statement of their financial activity on a regular basis. This helps ensure that banks are transparent and accountable when it comes to their customer’s financial information.
Tips For Banking Statements
1. Review your statement regularly
You should review your statement at least once a month to ensure that all transactions are accurate and that no fraudulent activity has occurred.
2. Compare statements
If you have multiple accounts, make sure to compare statements to ensure that all transactions are accurate and that no money is missing.
3. Look for discrepancies
Pay attention to any discrepancies between your bank statement and what you know about your finances. If you notice anything out of the ordinary, contact your bank immediately.
4. Take note of fees
Make sure to take note of any fees or charges associated with your accounts so you can avoid them in the future.
5. Keep track of spending
Use your bank statement as a tool to keep track of where you’re spending money so you can make better financial decisions in the future.
6. Update your records
Make sure to update your financial records with accurate information from your bank statement. This will help you keep track of your spending and avoid any potential fraud or identity theft.
Your bank statement is the most important thing you’ll ever read. It’s your monthly report card, letting you know exactly how much money you have in your account, how much interest you’re paying, and what your balance is. It’s an invaluable resource that you need to keep a close watch on. You can easily make mistakes when editing your bank statement, or overlook something important. That’s why you need to make sure you keep a close eye on your bank account.