When reconciling your account, what should be considered to avoid discrepancies?

When reconciling your account, focusing on received receipts and statements is essential because these documents provide the most accurate and concrete record of past transactions. Receipts typically detail each purchase you’ve made, including the amount and date, while bank statements summarize all your financial transactions within a specific period. By comparing these against your records, you can identify any errors or discrepancies, such as missed transactions or incorrect charges.

Using receipts and statements allows you to verify that your current account balance aligns with what your financial institution shows. This clarity helps ensure a thorough and accurate reconciliation process. Other options may play a role in managing finances, but they do not provide the same level of precise information for this specific task. For instance, estimates of future expenses may help with budgeting but do not assist in identifying discrepancies in your current account balance. Similarly, averaged transaction costs and internet banking statements might provide useful context but lack the detailed specificity needed for correct reconciliation. Therefore, focusing on received receipts and statements is key to effectively identifying discrepancies in your account.