Final answer:
Balancing your checkbook is a financial process that matches your checking registry balance with the bank statement balance. It involves careful recording and review of transactions to manage money effectively, avoid overdraft fees, and ensure the accuracy of financial records.
Step-by-step explanation:
The process used to ensure that the balance in your checking registry matches the balance reported on your bank statement is known as balancing your checkbook. Balancing your checkbook is a critical financial task that helps you manage your money, maintain an accurate record of your cash flow, and prevent overdraft and related fees. The process involves recording all transactions, both deposits and withdrawals, and comparing your personal records to the bank statement to spot any discrepancies. The first number under Balance on your registry should match the current account balance on your bank statement after you sum up your columns for Exports, Imports, and Balance. Regular monitoring and balancing of your checking account can be a simple routine if done consistently, helping ensure that you have a positive net worth and are not at risk of overdraft.
Bank supervision by government agencies such as the Office of the Comptroller of the Currency ensures that banks maintain positive net worth and responsible risk levels on their balance sheets through conducting on-site reviews of banks and regulating savings and loan institutions.