In your financial software program, what balance should you enter as per your statement?

The appropriate balance to enter into your financial software program is the ending balance from your statement. This is because the ending balance reflects the total amount in your account at the conclusion of the statement period. By entering the ending balance, you ensure that your financial records align accurately with your bank’s records at that specific time.

The ending balance takes into account all transactions, including deposits, withdrawals, and any fees or interest accrued over that period. This allows your software to reflect an accurate snapshot of your finances as of the statement date, which is crucial for tracking your financial health and ensuring that your records are up to date.

Other balances such as the opening balance represent the amount at the start of the statement period, the average balance computes the typical balance over the statement period, and the current balance may fluctuate due to ongoing transactions. None of these provide the accurate point-in-time figure required for proper financial reconciliation at the end of the statement period, making the ending balance the correct choice.