An account statement is a very crucial document that maintains the meaningful interaction between the bank and the account holder. It contains detailed information in a well-elaborated manner. You need the best account statement template to do so. Free to download account statement template available in the word and pdf format is ready to download just hit the download button and the template is ready to go.
Account Statement Template 01
What is an account statement?
An account statement is a formal document issued by the bank or financial institution that is a summary of every transaction and deposit made in a specified period. Some banks often send account statements to the account holder monthly, quarterly, or yearly but you can also request the account statement if you need it beforehand. Credit card bills are also a type of account statement. It contains the history of the money you have deposited, send, and owed during a specified period. It not only provides details of the transaction amount but also the ID of the one for whom money has been sent.
Significance of the account statement:
- An account statement is the official summary of the account of a period. It provides accuracy and reliability while budgeting.
- It is the history of the transactions not only for the banks but also for the insurance companies and provides the summarized details of the paid in cash values.
- Clients or account holders can verify payments that you have remitted in a certain period.
- Account Statements can be used by telephone or Internet Service Providers to provide usage and over-usage, and payment details to the consumers.
- They serve as the window to peek into your accounts.
- They can be sent electronically or handed over to customers using postal services.
- Customers can also use the statement of the account to register dispute any transaction that can be solved by the bank.
- Customers can regularly overview the tax deduction on the balance in the account.
What does the account statement template consist of?
Account statements must be organized in a comprehensive way so that they may include all the necessary detail. A comprehensive account statement template is helpful as it is less ambiguous and detailed knowledge can be gained. To design an account statement template that serves its purpose to the full you need to add certain details. Let’s check out some of the necessary details you need to enter.
1. Statement Period:
It is the period for which the transaction history is recorded and sent to the client.
It can be monthly, quarterly, or annually depending on the policies of that bank on the financial institution.
2. Date of issue:
Date when the statement of account has been issued to the client
3. Client Information:
Client information includes the basic details of the account holder like name, account number, account type, contact details i.e. Contact Number, E-mail address, Residential Address, etc.
4. Beneficiary Bank:
You can also include the details of the beneficiary or originator bank and beneficiary named in the statement of account.
5. Opening Balance:
Opening balance is the amount of money initially in the account. It is the starting balance in the account at the start of the recorded time period.
6. Credit Amount:
Total credit amount is the total sum of the balance that has been credited to the account during the statement period.
7. A number of transactions:
This is the number of time transactions has been made during a statement period. This includes the number of credit transactions as well as the debit transactions. Both of them can be mentioned separately to ease understanding.
8. Debit amount:
The debit amount is the amount that has been drawn from the account following details when the balance was debited.
9. Total Withdrawal:
Total withdrawal is the amount that is withdrawn from the account during the period of the statement of account.
10. Total Deposited Amount:
Deposited Amount is the sum of the total money that has been deposited in the account during a month, six months, or the period specified in the account statement.
11. W.H Taxes Applied:
W.H tax or withholding tax is the amount of money a bank withholds from the account of the person and pays directly to the government as a tax. It is deducted according to the laws of taxes from the taxable amount.
12. Closing Balance:
The closing balance is the amount that is currently in the account at the end of the period of the statement.
13. Letterhead:
On the letterhead, you may include the information of your bank or financial institution. Along with the name of the institution you can also include the logo; contact details i.e. address of the branch, helpline numbers, etc.
Free to download account statement template available in the word and pdf format is ready to download just hit the download button and the template is ready to go.
More about Statement of Account:
Account statements can be generated for current accounts with any ongoing transaction. When credit cardholders credit or deposit any money during a billing cycle, the credit card bills show every transaction is done and closing balance.
Statement of Account can be made for the e-banking apps too, like PayPal, Jazz Cash, or Easy paisa. Account statements are sent electronically to the clients. It is very beneficial in such cases as it helps you to avoid scams and faulty transactions.
Similarly, service providers can use these statements to send consumption periodically. Unpaid cash, due amount, surcharge, and taxes applied and total amount paid is added in these statements. Some companies even send generated bills to their regular clients regularly after one month or six months.
How to customize the Account Statement Template?
Account Statements should be well-designed and elaborated so that you may not miss any tiny bit of details. You can follow certain steps to customize downloadable account statement template:
- Choose the best templates that meet your requirement.
- Hit the download button.
- Now, open the template in a suitable format.
- Customize the header and add details of your financial institution.
- Add fields if you want to add any additional information.
- Save the Account Statement template.