Asset Recovery Associates is a collection agency that works with consumers to resolve debts and with businesses to recover assets. Asset Recovery Associates works with banks, major credit cards, retailers and others to recoup funds.
One aspect of debt resolution is responsible financial management. Paying bills on time and keeping a balanced checkbook can help you to avoid unnecessary fees and put more money toward resolving your debts. Here are the steps to reconciling, or balancing, a checking account balance.
1. Look at the statement and the checkbook and compare entries. Mark off the checks and debit card transactions that appear on both.
2. On the back of the statement or a separate sheet of paper or spreadsheet, note the closing balance of the statement.
3. Record any deposits that have not cleared on the statement.
4. Add these deposits to the statement balance.
5. List transactions that are in the checkbook but not on the statement. This will be checks or debits that have not cleared.
6. Subtract these from the total determined in Step 4.
7. This total should match your checkbook total.
8. If it does not, search for unrecorded entries to reconcile the discrepancy.
9. The statement total and the checkbook total should match.
10. If it does not match, make an adjusting entry into the checkbook that matches the total in Step 6. Your checkbook is now balanced.
11. This should be done monthly to make sure you know exactly your money available to spend.
This will avoid returned check fees, an expense that will quickly reduce your checking account balance and have a negative impact on your credit report and debt repayment efforts.