The check register is a financial record of the checks written and deposited by a business or individual. With Zil Money’s online check register, you can easily keep track of your balances and transactions in one place.
You may need a separate business check register for each checking account (e.g., payroll and operating account check registers) based on your business’s needs and preferences.
Check registers typically contain the following parts:
- Transaction date
- Category or Check Number
- Notes or descriptions
- The debits and credits associated with the transaction
- Balance of the account
Check Register Benefits
You should keep a check register as part of your accounting process. If necessary, your register can help you adjust your spending based on your business purchases.
Check registers keep track of your account balance and available funds in real-time, unlike online bank statements.
Using the Zil Money check register in your small business has many advantages. You can use it to:
- Make sure you don’t overspend
- Better budgeting
- Stay organized and up-to-date with your transactions
- Check the balance accurately
- Keep track of your spending
- Error-finding
- Keep bank statements up-to-date
Check Register Options
You have a few options for recording transactions in your check register as a business owner. Here are some options:
- Keep a paper record of your transactions
- Spreadsheets are useful
- Make use of accounting software
Creating your check register with pencil and paper is a good way to save money. Nevertheless, it can be time-consuming and error-prone.
Spreadsheets are an improvement over manual check registers. You still need to punch in your numbers. In some spreadsheets, you can set up formulas to calculate the balances for you (e.g., beginning, current, and ending).
Organizing transactions in your Zil Money check register can be made easier with basic accounting software. The software can provide a running balance and a snapshot of your transactions for the period. Depending on the software, you may be able to sort the register by a certain date or attach a file to a transaction (e.g., a copy of a receipt). Accounting software can help you avoid check register mistakes and save time keeping track of your finances, even if it is more expensive than other options.
Bank Accounts and Check Registers for Businesses
The best way to organize your Zil Money check register is to open a business checking account. You can separate business transactions from personal expenses if you have a business bank account. A number of problems can arise when combining personal and business transactions. These problems can affect tax filing, financial reporting, and budgeting.
A business checking account can be opened at your bank by applying for one. You can also open a small business bank account online if you wish. The purpose of a business checking account is to enable you to keep track of your company’s progress and file your business income tax return.
Make sure that you keep a check register for your business checking account. When you make a check register with Zil Money, you can view how much money is available for spending in your business checking account.
A check register can be a helpful tool for managing your finances and keeping track of your spending. You can avoid costly mistakes and keep better track of your money by taking the time to fill out your check register regularly. If you’re unsure where to start, Zil Money can help you with that. So what are you waiting for? Sign up at Zil Money today!
