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Keeping Your Balance |  |
| Project Details |
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Are you the treasurer of your 4-H club (or any other club, for that matter)? Do you find keeping an accurate treasurer's book or balancing your checkbook to be boring and difficult? Believe it or not, the task can be fun. Try using a computerized accounting program (such as Quicken, Microsoft Money, etc.) to make the job easy. |
| Materials Needed |
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This activity will require the use of a computer, an accounting software program that is installed on the computer, and a printer. |
| Do It |
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Each accounting program is a little different, but they all do about the same thing. You'll need to create a new account, enter the opening balance in the account, and enter each deposit, withdrawal, or check written as a separate transaction. The accounting program will do the rest. When you're finished, you can print out a ledger of your account. This is simply a listing of each transaction, usually in order by date, showing the balance in your account after each transaction. If you are the treasurer of a club, you can attach this ledger to your treasurer's book, and you won't have to hand write an entry for each check written or deposit made to the account. |
| Review It |
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When the statement of the account you are tracking arrives from the bank, use the accounting program's reconciling feature to "balance the books". You know that you've succeeded each time your account balances with the statement from the bank. Do you think this would be a helpful tool for others to use to keep track of their bank accounts? Why or why not? Can you suggest any ways that it could be more helpful? |
| Pursue It |
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Now that you have some experience, you can volunteer to balance your parents' checking account. Take advantage of the accounting program's ability to keep track of each category of expense or income. They'll find it very helpful at income tax time to be able to have a list of all their charitable donations, their interest income, medical expenses, etc. Ask them for a list of categories they'd like you to keep track of for them. Then figure out how to enter those categories into your accounting program, and how to assign each transaction to a category. Once again, if their account balance can be reconciled to agree with the bank's each month, you'll know you've succeeded. Your parents will appreciate the help, and you'll be preparing yourself for a balanced future! Many banks now offer on-line payment of bills, and most accounting software programs allow on-line payments as well. They also offer the ability to print checks from a transaction that is entered. |
| Data Bank |
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Most computer software programs for accounting and money management are accompanied by a manual that will lead you through all you need to know to use that particular program. Also, the program's on-line help lets you search for a topic and provides instructions about that topic. URLs: Intuit (maker of Quicken) - http://www.intuit.com Setting up the categories correctly will take some time, but it is time well spent. Doing a good job of identifying the categories will greatly simplify your work with the program in the future. Work carefully with your helper to get the program set up to best meet your needs. |
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Activity: Balance an account with accounting software Skill level: Intermediate Project skill: Use an accounting program Life skill: Keeping records/planning and organizing/marketable skills |
Date completed: Helper's initials: |
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Adapted from material developed by Illinois 4-H. Used by permission. For
IFAS-related questions or information, please contact IFAS External Relations.
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