The statement of account template is a formal statement which means details of a specific account, either in terms of individuals or firms. It is also known as statement of customer account or statement of client account. The statement of account provides concise details about account activities or transactions within account and with other accounts; either way by transactions or dealings. Now, there is different software available where, by clicking on an account, you will get the whole statement. You can also search with transactions, history or amount wise to locate and understand details. It is also known as an account holder statement in terms of financial institutions or in banking terms.
What is the Definition of Statement of Account?
There is no difference between an account statement or a statement of account, whereas both are the same words and can be used in different orders. As the word or title “account” comes out in front of us, the first understanding which pops up in our minds is “bank account”. Well, aside from assumptions, let’s have a look at the main definition of account statement. Basically, “a statement of account is an official document which is consistently prepared by financial institutions by listing the content regarding the milestones of transactions”. It is the most common statement which is relevantly known for checks and consolidated financial accession of accounts.
What is the Purpose of this Statement?
These account statement templates are official documents sent by banks or financial institutions in the midst of their clients as a formal written report of their credit or debit-related activities. Moreover, clients themselves can ensure whether their accounts are working faultlessly and smoothly. They can also keep their statement of rectification to monitor their own accounts.
When should these statements be sent?
There is no specific timeframe for sending these reports to clients. However, these can be sent on a monthly, quarterly or half-yearly basis. Generally, banks and financial institutions invariably issue these statements to their clients as per the regulations and law. Moreover, they are also issuing them to keep them updated about the activities of their accounts.
What are the Benefits of this Statement?
Apart from this, the statement of account will undertake the proceedings of bank accounts on the basis of month. Thus, it will be used to represent the records of going-on account-related proceedings as well as all other activities associated with the credit of bank accounts. Moreover, these statements not only give an opportunity for the clients to keep an eye on their accounts, but also help the bank to compare the statements of clients with a registered checkbook. In addition, periodic summaries of account activities can also summarize the mythology of authorized transactions exclusively with the incorporation of dates from beginning to end.
What are the Main Contents of this Statement?
There are guidelines for which someone can prepare these kinds of statements. However, the basic content which must be included in this statement is given below:
1- Date of Issuing.
2- Timeframe for which this is prepared.
3- Starting and Ending Balance of account.
4- Transactions details.
5- Party name and details.
6- Documents numbers and details.
7- Special note, if any.
8- Closing remarks.
9- Signature of authorized officials.
