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In this tutorial, we learn the importance of recording all transactions, including deposits, checks, debit card purchases, fees, and ATM use, in a check register immediately after they occur. Keeping the check register up to date ensures that you always know your current balance. The video explains the components of a check register: the number/code for the check (using "DC" or "ATM" for card transactions), the date of the transaction, the transaction description specifying the payee or merchant, and a memo section for notes. Lastly, the register includes a section for recording debits or payments.