25+ Free Account Statement Templates [Excel, Word]

An account statement template is an accounting tool used for business or legal purposes. It is a written document that has the person’s signature as well as a stamp from concerned authority. An account statement basically gives your clients with a summary of the goods or services that you’re going to bill.

Why does an account statement important?

A statement of account is a document that assists you in verifying the payments that your customers have already remitted for a particular period of time. When you have regular customers, the statement helps you to make invoices for them on a regular basis. This statement generally is an addition to the individual invoices. You can send it to your customers for each purchase they make. Moreover, below are some other uses of this statement;

  • This document is used for payment reminders as it provides you an idea of your customer’s recurring expenditures. For advance payments, you can send it as reminder.
  • In business records, if there are any inconsistencies then by using an account statement you can check whether your customer has already paid their dues or not. This is an effective way to determine any inconsistencies in your data.
  • The statement can also use to check whether the amount due declared has all of the payments that the customer has remitted thus far.
  • It assists you in determining the transactions that have been accidentally duplicated.
  • To assist you in identifying errors.
  • For each of the items, it gives you with an accurate record of the price that you have sold to your customers. It enables you to keep record of the information of customers for a certain period of time. You may also like Cash Receipt Template.

What to include in a statement of account?

The account statement can be described as a more comprehensive report of the contents of your personal or business account. For example, to provide you the ending balance, at a certain amount of time, a statement template sent to a customer indicates payments from and billings to the customer.

Reminding your customers of sales that they haven’t paid to you yet is the main purpose of sending this statement. This statement is usually send as a printout. However, you can also send it electronically via email. The statement of account generally includes the following basic information;

  • The total of all unpaid invoices
  • The date of the invoice
  • Invoice number
  • For each invoice, the total amount that you have issued to your customer for a specific time period.
  • The credit date
  • Credit number
  • For each of the miscellaneous credits, the total amount you issued to your customer for a specific time period.
  • The date of payment
  • The total amount for each of the payments you got for a certain time period.
  • The remaining balance of all of the listed transactions i.e. the total payable amount.
  • At the bottom of the document, a payment slip that you can tear off and use as a remittance slip. The slip includes the name of your customer and a mail-to address as well as space where your customer writes down the amount they’re paying.

Furthermore, some statements also have a block that contains your contact details so that your customer contacts you in case they want to get in touch with you to ask any information. You may also see Payment Receipt Template.

Conclusion:

In conclusion, an account statement of template is an effective tool that contains a comprehensive report of the contents of your personal or business account. You should follow the proper structure and guidelines while creating a statement of account. Also, you can get a copy of your account statement either online or in person.