This document incorporates vital information related to the financial details for a company’s or an individual’s accounts. It also includes all of the details stating the information of any kind of transactions or exchanges occurred between the customers and the company. A statement of accounts template is a detailed report of the contents of an account which generally includes the following information such as the beginning, total of unpaid invoices; the invoice number, invoice date, and total amount of each invoice issued to the customer during the time period. Normally, it is an archive issued by a supplier to its client posting exchanges over a given period of time, ordinarily month to month. It will incorporate points of interest on invoices, installments received, and any credits affirmed with a resultant balance payable by the client. In short, a statement of accounts template is a synopsis of all business made to a client during the month.
Importance of Statement of Accounts
These statements are usually dispatched to only those customers with whom the supplier has agreed upon the terms and conditions of the agreement. They are generally sent to clients who need to pay their record in the months taking place after the date of receipt. Customers who pay instantly or within a short period of time have no need to be issued a statement of accounts. An account statement is a periodic summary of account activity with a beginning and an ending date. The most commonly known are checking account statements, usually provided monthly, and brokerage account statements, which are provided monthly or quarterly.
Benefits of Statement of Accounts
There are a lot of benefits of statement of accounts as it shows all your transactions made in a month or year. It is an easy way to keep a record of your credit and debit. It highlights all the places where your money is used with proper details on it. It acts as a reminder if you have any dues pending or you have to get your money back from someone. It plays an important role in businesses large or small because it is complicated to keep record of everyday transactions, so statement of accounts helps businesses to sort out their bills and payments with exact figures. So it would not cause any confusion in the future.
Details of Statement of Accounts
Statements of Accounts format is prepared in Microsoft Excel or a Word format. These statements can be printed, written, or emailed to customer as per requirement with simple traditional format for a statement of accounts. The statement of accounts is supposed to be a simple tool for every one’s use in their daily life. Statement of accounts formats are available here and can be easily downloaded, you can simply fill it and keep it for future use, or if you prefer to write a hard copy, it can easily be printed out.
Templates for Statement of Accounts
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