Tuesday, February 08, 2011

What is a Checkbook Management System?

A checkbook management system or money management enables you to keep track of every transaction in your account. This system can help you in overcoming the flaws in your checkbook management. Joint account holders can significantly benefit from this system because the working of a joint account calls for cooperation between partners which can be difficult if you are used to tracking your account manually.

It is sometimes difficult to keep track of receipts and account for every expense. An online checkbook management system comes in handy in these situations. Under this system, you and your spouse can create a login on a website that offers an online checkbook management system.

This will monitor the transactions of both you and your partner and will require both of you to enter details of receipts, transactions, and other documentation into the system. Both of you will have the login and password of the online tool thus enabling you both to track the account balance.

How to Keep Track of Your Account?

Some online tools provide a simple method of tracking your account while others have a detailed procedure. It is recommended to use an online tool that offers you ease of use and simple operations. You can start the process by signing up on a website that offers this service.

Some tools are available for download and can be used on computers and phones. You can use web applications as a preferred tool for managing joint accounts as they offer constant updates and provide significant data security.

You can start with entering the data about the total amount in your joint account and the amount that you and your spouse draw every month. Both of you will have access to this tool and you can use it to enter details after each transaction. The tool will create a database of each payment along with details of the remaining balance. This is the most basic feature of the online checkbook management tools.

Advanced features include graphical representation of account balances, history of payments and transactions, reports of credit and interest rate accumulation among other things.

Using this tool will remove the chances of miscounting anything as both of you will have quick access to balance sheets at any time of day or night. You can use this feature to find a complete history of transactions between two set dates.

Joint accounts offer financial security in the long run and you can use online tools to ensure that both you and your spouse on the same page in managing your money. Using technology to counter potential argument flashpoints is a good thing in my book.

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