Ron, there are many many ways to model bolts...the best "best and most accurate" way depends on the results you need. I have seen all of the methods describe above (and more) for modeling fasteners. For example, you mentioned bolt force - what about the moment? Also, how important is interaction of the bolt with the local structure? Another thing you didn't mention is the need to model a bolt preload. All of these influence the choice of best method.
Ron, there are many many ways to model bolts...the best "best and most accurate" way depends on the results you need. I have seen all of the methods describe above (and more) for modeling fasteners. For example, you mentioned bolt force - what about the moment? Also, how important is interaction of the bolt with the local structure? Another thing you didn't mention is the need to model a bolt preload. All of these influence the choice of best method.