statement of accounts

what is the statement of account

A statement of account is a detailed report of the contents of an account. An example is a statement sent to a customer, showing billings to and payments from the customer during a specific time period, resulting in an ending balance. The purpose of the statement is to remind a customer of sales on credit that have not yet been paid to the seller. The statement is usually a printed document, but may also be sent electronically. A sample statement of account usually includes the following information:
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.
The credit number, credit date, and total amount of each miscellaneous credit issued to the customer during the time period.
The payment date and total amount of each payment received by the seller during the time period.
The net remaining balance of all transactions listed. This is the total amount payable to the seller.
A payment slip on the bottom of the page that can be torn off and used as a remittance back to the seller. The slip usually contains a mail-to address, the customer name, and a block in which to fill in the amount being paid.
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