I am wanting to create a simple checkbook register. My Layout is as follows:

Beginning balance is in G2
The records layed off in the rows with my debits in Deposits in Column D, my payments in Column E, and the running balance in Column G. My first record will be row 3. What formula will I use to start with the current balance (for starters, beginning balance is G2) and either subtract the payment cell if it is populated, or add the deposit cell if it is populated. I would also like to have the Balance cell be black if it is positive, and red if it is negative.

Thanks

To be honest you don't need to be quite so careful - assuming that an entry will be one or the another (a debit or a credit) you can simply apply both.

=G2-E3+D3

To get the formatting of the cell (ie change the background to black) use Conditional Formatting (found on the Format Menu)
Condition 1
Cell Value Is --> Greater than --> 0
and click on the format button
Clcik on the Font Tab > change Color to White
Click on the Patterns Tab > select black
Click ok and then ok again

Now click the Add button to add a second condition
Condition 2
Cell Value Is --> Less than --> 0
and click on the format button
Clcik on the Font Tab > change Color to White
Click on the Patterns Tab > select red
Click ok and then ok again