What is a Bank Statement?

What is a Bank Statement?

Have you ever wondered what is actually a Bank Statement and why it is needed. What is the information that is available in a bank statement?

Bank statement or account statement is a summary of financial transactions which have occurred over a given period on a bank account held by a person or business with a financial institution.

Bank statements have historically been and continue to be typically printed on one or several pieces of paper

They are either mailed directly to the account holder, or kept at the financial institution's local branch for pick-up.

In recent years there has been a shift towards paperless, electronic statements

Most financial institutions now offer direct download of bank statement into account holders accounting software.

Key Attributes of Bank Statement:

  • Summary of financial transactions
  • For a given period
  • For a particular bank account
  • Held by a person or business
  • With a bank or financial institution
  • Could be in paper or electronic format
What is a Bank Statement?

cashmgmt

Related Links

You May Also Like

  • Cash Management Integrations

    Cash Management - Integrations

    Cash Management integrates cash transactions from various sources like Receivables, Payables, Treasury and creates reconciliation accounting entries after matching transactions with Bank Statements.

  • Treasury - Cash Management

    Treasury - Cash Management

    The Cash Management component ensures that the enterprise has sufficient liquidity for payments that are due and to monitor payment flows. Learn how treasury plays an important role in cash management for the enterprise.

  • What is Cash

    What is Cash

    Before we dive into cash management, let us fist understand what we mean by cash and what constitutes cash in context of cash management process.

  • Collection Float

    Collection Float

    Collection Float is the time spent to collect receivables. Collection float is the sum total of time taken by Invoice Float; Mail Float; Processing Float and Availability Float. Explore more!

  • Bank Statement Lines

    Bank Statement Lines

    So many codes in the lines that are there in a Bank Statement. It contain lots and lots of meaningful information that can help automated many tasks. Explore more!

  • Cash Clearing – Accounting Entries

    Cash Clearing – Accounting Entries

    The Cash Clearing process enables you to track amounts that have actually cleared your bank. Learn the steps and accounting entries that gets generated during the cash clearing process.

  • What is Account Reconciliation?

    What is Account Reconciliation?

    Before you understand the Bank Reconciliation Process it is important to understand what is account reconciliation and why it is carried out.

  • Treasury – Funding Management

    Treasury – Funding Management

    The objective of funding Management is to implement strategies that lead to the best borrowing rates and lower investment costs. Learn how treasury aids in loans and investment management functions.

  • Treasury Organization

    Treasury Organization

    Although there is no straight forward answer to the question, how to best organize a treasury function, this article provides an generic view of the way large MNCs creates departments or sub-functions within the treasury function.

  • Cash Management Process

    Cash Management - Process

    How the inflow and outflow of cash is linked to the operating cycles of the business? Learn the cash management process in an enterprize and it's key components.

Explore Our Free Training Articles or
Sign Up to Start With Our eLearning Courses

Subscribe to Our Newsletter


© 2023 TechnoFunc, All Rights Reserved