What should you enter in the financial software to begin reconciling your bank statement?

To begin reconciling your bank statement in financial software, entering the date of the statement is crucial. This date serves as a reference point for the transactions within that specific period, enabling you to compare them against your personal records. It helps ensure that the data you are reconciling corresponds to the correct timeframe, and using the correct date allows for accurate identification of any discrepancies, such as missing transactions or errors in your records.

Establishing the date of the statement also aids in organizing your financial records chronologically. By starting the reconciliation process with the statement date, you set the foundation for systematically going through each transaction, which makes it easier to identify any transactions that are present in your bank records but not in your personal accounting.

Other options like interest earned, service charges, or the opening balance are important for a complete reconciliation process, but they do not initiate the process. The date of the statement is the first critical piece of information needed to align your records with your bank’s records.