DID YOU KNOW?
Did you know experts believed the Romans invented checks in about 352 B.C? But the idea didn't catch on. It wasn't until the early 1500s in Holland wherein checks first got widespread usage. Checks are documented to what we call “checkbooks”. This checkbook is a booklet or a folder containing pre-printed paper instruments, which bank holders use to withdraw money from their checking account deposits. It is also considered a cash disbursement journal, as it records all the checks, outlays of the cash, and cash payments during an accounting period.
According to an article from Health Care Family, balancing a checkbook before was critical since there is no online account history to check. Why? Because you had to document every transaction in the free checkbook register to keep an accurate running balance. But nowadays, keeping track of financial accounts is a lot easier. This is due to the advent of online commerce and technology. Today, there are plenty of checkbook apps to balance your checkbook and keep your finances updated so you can instantly review your deposits and payments. Moreover, most transactions are now instantaneous. Indeed, it is better than before where you'd sit down once a month to make sure all your deposits and withdrawals lined up.