How can you ensure that the figures in a financial account align with a bank statement?

The correct approach to ensure that the figures in a financial account align with a bank statement is through reconciliation. Reconciling a financial account involves comparing the entries recorded in the accounting system with those on the bank statement to identify any discrepancies. This process typically includes checking for missing transactions, incorrect amounts, or duplicate entries.

Reconciliation helps maintain financial accuracy and integrity, as it allows for the identification and correction of errors in either the bank’s records or the business’s accounting records. It is a crucial practice in bookkeeping and accounting, ensuring that both the financial records and bank statements reflect the same financial reality, which is essential for effective financial management and reporting.

The other options may play a role in the financial management process but do not directly address the alignment of figures between a financial account and a bank statement. Verifying invoices, comparing transaction logs, and filing reports have their respective functions but are not specifically focused on the reconciliation process necessary for accurate financial reporting.