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
Related Links
You May Also Like
-
What is Invoice to Cash Process
In this article, we will explore the business process area known as; Invoice to Cash; Also known as I2C. Learning objectives for this lesson are: Meaning of Invoice to Cash Process; Sub Processes under Invoice to Cash; Process Flow for Invoice to Cash; Key Transactions Fields; Key Setups/Master Data Requirements.
-
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.
-
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.
-
The terms Treasury Management and Cash Management are sometimes used interchangeably, while, in fact, the scope of treasury management is larger and includes funding and investment activities as well. Learn all about Treasury Management here!
-
The Cash Clearing process enables you to track amounts that have actually cleared your bank. Till reconciliation happens the amounts are parked in 'Cash Clearing Account'.
-
Bank reconciliation process is targeted to validate the bank balance in the general ledger and explain the difference between the bank balance shown in an organization's bank statement. Learn the reasons for existence of differences between the two.
-
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!
-
Technology has enabled the treasury function by providing various solutions to manage it's complicated tasks. This article explains various types of treasury management systems available in the market.
-
Account Reconciliation – How? Learn the three key attributes to perfom account reconciliation.
