lurkette actually does the work of it, but it's pretty easy...
We use Microsoft Money (because it came on that computer. We'd rather be using Quicken, but we're too cheap to buy it). We download a transaction list from the bank, import it into Money, add anything in the checkbook that hasn't cleared yet, and ta-da it's balanced.
Now, strictly speaking, this isn't balancing the checkbook. That requires reconciling YOUR record of transactions against the BANK's record of transactions. We're not really keeping our own record anymore, we're just trusting the bank's. Which works out ok in 99.9% of cases, I think.
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