Current Account Statement: Definition, Uses, and Examples

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A Current Account statement summarises all transactions within a specified period, typically a month or quarter. It provides details of invoices issued, payments received, and associated fees. This statement is essential to track the activities. Whether it's a bank account, credit card, or brokerage account, regular review of the Current Account statement ensures accurate record-keeping and helps businesses make better financial decisions.
What is Current Account Statement?
An account statement is crucial to summarising essential information like services provided, associated fees, outstanding balances, and prepayments. It details billings and customer payments, reflecting an ending balance, positive or negative. Typically sent via mail or electronically, it serves as a reminder for unpaid credits. Customers can request bank statements for their Current Accounts through physical mail, email, or the service provider's portal. This document is pivotal for service providers and customers, facilitating transparency in financial transactions and ensuring a clear overview of account activities.
Components of Current Account Statements
Components of a Current Account statement provide a comprehensive overview of financial data and transaction history during a specific billing cycle. Key elements include:
Date Range: Specifies the time interval covered by the statement, such as months or days.
Opening Balance: The initial amount in the account before any transactions occur.
Amount Paid: Total money paid to a customer, business, or individual during the billing cycle.
Types of Account Statements
These account statements serve different purposes beyond compliance. Each statement serves a specific purpose in evaluating and showcasing various financial aspects of a business. Here are a few important ones you must be aware of:
Income Statement
The income statement, also known as the profit and loss statement, tracks a business's revenue, losses, and expenses over a set period. It provides a comprehensive overview of whether a company has achieved profitability or incurred losses during that time.
Cash Flow Statement
The cash flow statement shows how money enters and exits a business, focusing on cash transactions and working capital.
Balance Sheet
The balance sheet is an all-inclusive document highlighting a business's assets, liabilities, and equity. It displays the business's current value, aiding in assessing its ability to meet financial obligations.
Note to Financial Statements
A note to financial statements is a requirement under IFRS that adds context and explains listed assets to ensure compliance.
Statement of Change in Equity
This statement illustrates changes in a company's share capital, retained earnings, and accumulated reserves. For sole proprietors or partnerships, it reflects changes in owner's equity. In corporations, it shows how equity shares have changed among shareholders.
Bank Statements
Bank statements are essential records of financial transactions within a specific bank account. They offer a month-by-month summary of deposits and withdrawals, facilitating accurate tracking of financial activities.
How to Download Current Account E-Statement?
Downloading your current account e-statement usually involves logging into your online banking portal or mobile banking app. Here's an option to download your current account e-statement:
Download Current Account E-Statement
How Account Statements are Used
Account statements provide a glimpse into an organisation's financial health, creditworthiness, and financial activities. Here are some unique applications of account statements:
How an Account Statement Works
An account statement functions as a record of financial transactions. Each action is documented on your statement when you conduct activities like withdrawing cash, using your credit card, or making loan payments. The statement details the date, type, and amount of each transaction.
For instance, consider a month of transactions in an account:
Your account statement displays these activities and the ongoing balance after each transaction, providing a clear overview of your financial interactions.
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