If you have a business bank account, then you will most probably be receiving business bank statement on monthly basis. Don’t throw them or just let them be in the drawer as a trash rather keep them in safe place at archives because they are important. It can be valuable for you in managing your bank finances so be careful while dealing with the business bank statement.
What is a bank statement?
A business bank statement is a summary of all transactions in your business bank account. Each transaction is listed individually, so you can see your income and spending.
Each bank statement covers a certain amount of time, typically a month. So your financial institution will send you the statement at the end of each statement period. It might send a paper copy through the mail, or an electronic copy through an email or your online account.
Components of a bank statement
A bank statement has many parts. While understanding your bank statement parts is essential to get the full benefits of your business bank statement.
Here are common bank statement details:
Your financial institution’s contact information will be on the bank statement. It should list the financial institution’s name, address, and customer support phone number. So that if there is a specific number for reporting discrepancies, your statement might include it.
The bank statement will list your business’s information. It will likely include your name, business name, address, and phone number.
Your statement will have basic information about your bank account. It’ll have your account name and account number.
The bank statement will tell you what dates it covers. For example, it might say, “Statement for March 1 to April 1, 2018.”
The account summary summarizes your account for the statement period. It includes the account balance at the beginning and end of the period, total withdrawals, and total deposits. The account summary is typically located near the top of the page.
The transaction summary will take up a majority of the space on the bank statement. It lists every account transaction in chronological order. For each transaction, the statement lists the date, a description, the amount, and account balance after the transaction. Bank statement descriptions might list what kind of transaction was made and where it was made.
Some financial institutions will include messages and news on the bank statement. If your financial institution does this, messages may not appear on every statement.
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