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A statement of account offers a detailed look at the contents of an account. One instance is a statement sent to a customer showing billings to them and payments from them during a certain period. This will result in an ending balance. The goal of the statement of account is to remind customers of sales on credit that have not been paid to the seller yet. These documents are usually printed, but people can receive them electronically.  

There are various components for a statement of account. You can expect to see the date range, opening balance, invoice amount, invoiced amount, the amount paid, and the balance due. The date range shows the period in which charges are applicable. At the top of each statement are an invoice number, date, and total amount listed for clients to find easily. This information is crucial for identification and understanding transactions. Payment slips are also located at the bottom of pages that can be used as a remittance back to sellers. A mail-to address, the customer’s name, and a section where you can put the amount paid are present.

What is a Statement of Accounts? 

Clients receive a statement of accounts from vendors. It notes the financial transactions between the business and client during a specific period. Usually, people get a statement of accounts monthly, which shows a zero balance if no payment is due. However, a statement of accounts is not the same as an invoice. It is a document that lists all the invoice amounts and payments for a particular period. Fees charged by the vendor, a list of services provided, money owed by the client, and deposits made to the account are all presented as important information. 

What is the Importance of a Statement of Accounts? 

A statement of accounts is important since it reminds clients that their accounts are not fully paid yet. It is a beneficial tool because client payments increase a vendor’s cash flow and allows management to spend the money on resources needed to keep the business running. On the other end, clients can also benefit from a statement of accounts because it enables them to track their spending. Additionally, they can save money. And if anything is owed, they can pay it now in hopes of avoiding a late fee in the future. 

What are the Components of a Statement of Account? 

A statement of account is sectioned into two halves. The top half provides an overview of the customer’s accounts, while the bottom half shows the details of each transaction. The name and address of the business owner and customer are at the top. Also, a time interval is displayed for which the statement has been prepared. 

Along with names and addresses, other important information is listed on the statement of accounts.

  • Date Range: The statement will cover a specific period (usually a month). The starting and final dates should be noted. Placing a date range on the statement of accounts helps customers understand the charges to their accounts and what they have to pay.
  • Opening Balance: The opening balance shows the amount due from the previous period. It can be any time interval (monthly, quarterly, or yearly). It should be explicitly stated, so customers have a more detailed summary.
  • Invoiced Amount: The invoiced amount is what customers have to pay for goods and services purchased during the relevant period. Always ensure this is clear and accessible on the statement of account before sending it since it will help the payment process run smoothly and limit errors.
  • Amount Paid: The amount paid shows any positive balance. In this instance, a customer may have paid an extra amount in the previous period, and that is deducted from the total invoiced amount to determine the current amount due. That amount should be mentioned, so clients can know where their payments have been applied and what they currently owe.
  • Balance Due: The final amount a customer must pay is the balance due. That amount results after all the deductions and fines are applied. It can be a positive or negative number depending on the previous balance, which is money a customer has not paid yet.

Who is in Charge of Issuing a Statement of Account? 

Vendors are in charge of issuing a statement of account to clients. Clients need this document since it outlines all the financial transactions between two businesses over a certain period. Sometimes, a zero balance is shown, but it is still vital that clients know the status of their accounts and if they owe anything. When clients receive a statement of accounts late or no statement, their finances are at risk. Vendors should ensure they remain timely about sending clients a statement of accounts. 

What are the Requirements for Obtaining a Statement of Account? 

To obtain a statement of account, you must have relevant business and personal information. By providing this information, you have a greater chance of getting the proper documents and avoiding any mistakes regarding your account. Some examples of key information include the business name, your name, addresses, and account IDs. If you lack some of this data, there are other methods vendors can use to access your account and verify your identity. Since statements of accounts are typically sent out every month, you have plenty of time to fix any mistakes or update any old information. 

How to Get a Statement of Account? 

Getting a statement of account is not complex. With the help of technology, you can access and send one from a service provider’s portal or draft one using appropriate software.

To get a statement of account, follow these steps.

  1. Log into the portal for your service provider. 
  2. Select Sales and choose Customers. Or, if there is only a Customers section, you can click that link.
  3. Choose the customer you want to make a statement for soon.
  4. Click Create Statement from the drop-down menu and select the type of statement you wish to make.
  5. Set the Statement Date, Start Date, and End Date.
  6. When you are done, click Apply to view the statement.
  7. Finally, hit Save when you are finished.

Who can Get a Statement of Account? 

Customers (clients) receive a statement of accounts, and it can be for a client’s business or a personal transaction. Generally, a statement of accounts can be created for any account with ongoing transactions. No matter what industry someone is in, they can receive a statement of accounts listing details of their transactions and payments over a specific period. Clients can obtain these documents electronically or in print to their physical addresses. Also, customers can log into a service provider’s portal and download an account statement for a period. 

Is it Possible to Get a Statement of Account Online? 

It is possible to get a statement of account online. Usually, vendors give clients the option of whether to receive these files electronically or get a print copy. Vendors can send the file to a client’s email as an electronic copy for them to view. Or, clients can log into the portal for their service provider and see the detailed listings. Accessing a statement of account online is not hard, as long as you have the service provider’s website information or you communicate with vendors about how you want to receive it. 

What can a Statement of Account be Used for? 

Along with offering customers a recap of the products and services billed to them, there are various other uses for a statement of accounts. Recurring customers you have to create monthly, quarterly, or annual invoices for are easier to manage with this document. Also, statements of accounts are typically sent along with individual invoices sent to customers for every purchase they make. Since the payments are generated periodically, it is easier to view all invoices sent and payments received in one place for a customer. If a business notices an inconsistency in records, the summary section of the statement enables business owners to check if a customer has paid their dues. Transactions that have occurred twice can also be fixed. 

How to Read a Statement of Account?

A statement of account lists all the financial transactions between two parties over a certain period and contains important information for payments and other financial dealings. However, it may not be easy to figure out how to read one.

Here is the order in which you should read a statement of account.

  1. Start at the top. The top section states each party’s names, addresses, phone numbers, and emails.
  2. Next, look at the statement date and number on the document’s upper right or left side.
  3. Afterward, check the customer ID number and the previous balance from the last statement.
  4. Finally, examine all transactions listed toward the bottom to understand each charge and determine whether credits or fines have been applied.

When is it Appropriate to Examine a Statement of Account?

It is appropriate to examine a statement of account at any time. However, it is beneficial to look at one when you notice billing changes or discrepancies. The earlier you address certain things, the easier it is to fix them and proceed with financial dealings. If you realize a specific charge is unusual, then examining your statement of accounts is appropriate. Or, if a customer requests an updated statement of account since they provided new personal data, it is a good practice to look at the document before sending it to ensure everything is correct. 

How to Make a Statement of Account? 

To make a statement of account, use appropriate software like Microsoft Office or Adobe to draft a document. Then place the following data on it.

  1. The top half of the statement should include the customer’s full business name and address, and the seller’s information should also be present with contact numbers.
  2. The bottom half contains your business name and address on the remittance and your customer’s name on the right.
  3. The reference, date, and opening balance are in the upper righthand section of a statement of account. Ensure this data is not too far from the names and addresses section.
  4. Further details such as the totals and interests, payment type, interest percentage, comments, or payment breakdowns can be listed toward the bottom. Reserve the bottom section for a more detailed overview.
  5. After entering all the necessary information, hit Save and submit the statement to the customer when applicable.

Is it Safe to Give a Statement of Account? 

It is risky to put personal or business information out in the world. However, it is safe to give a statement of account and receive one as long as the two parties are legitimate. Also, there should be an understanding between the two about the details listed on the statement. Information such as names, addresses, and account numbers are private, so the right people must be solely accessing these documents. Ensure you know where a statement of account is going and the person who should receive it before sending one. 

What is the Difference Between a Statement of Account and a Bank Statement? 

Account statements highlight all your daily updated transactions. A statement can be created for any period you desire. Bank statements detail all the transactions made with your account in a month. In contrast, statements of accounts show all the financial dealings between a business owner and a customer. Statements of accounts are an excellent way to track the products and services billed to clients. It helps keep things organized and mainly applies to people who need invoices. Bank statements are more personal, and you control what goes into and out of your account. You can view your spending habits and any incurred expenses

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