Final answer:
To assist someone with banking and bill paying, one must keep a detailed transaction record and regularly reconcile the transactions to accurately reflect the bank account and avoid financial issues.
Step-by-step explanation:
When assisting a person with banking and bill paying, two essential things to maintain are a transaction record and a reconciliation of the transactions. It is critical to keep an up-to-date transaction record to manage money efficiently, monitor cash flow, and avoid overdraft fees associated with insufficient funds.
Regularly balancing your checkbook is an easy task if updated consistently; however, it can become a nightmare if neglected. For significant financial security, it is also recommended to save at least three months of expenses in a liquid account for emergency situations.