A statement of account, also known as an account statement or customer statement, is a document that outlines the transactions between a buyer and a seller.
Create an account statement in just a few clicks with SumUp Invoices.
Account statements can serve a few different purposes. By listing every transaction between a business and a customer, a statement of account can be used to:
It isn’t common to use an account statement to remind a customer to pay a single overdue invoice. Instead, you should send a reminder letter.
When would I send a statement of account?
Some businesses may never send account statements to their customers, even if they’re used internally to get an overview of customer activity.
At the other end of the spectrum, some businesses issue account statements regularly; this is particularly common among businesses with customers who often make purchases on credit.
Many small businesses will only send a statement of account if a customer has requested one or if they want to remind a customer to settle their outstanding balance. However, account statements may still be used regularly to monitor a customer’s account.
Unlike invoices which follow strict legal guidelines, there are no official requirements for customer statements.
However, account statements should include enough information to give an accurate, up-to-date overview of a customers’ transaction history. The type of information you might expect to find on a statement of account includes:
An overall balance. This might be positive (if the customer owes you money), negative (if you own them money), or 0 (if all payments have been settled).
A date range. You might create an account statement that covers a specific month, year, or quarter – or you might want to show every single transaction between you and your customer. Either way, the dates should be clear.
Every transaction made within the specific date range, including sales (paid upfront or on credit), payments, and refunds. You should list the date and value of each transaction.
Document numbers to support each transaction. This might include the numbers from invoices, credit notes, or payment receipts.
Contact details for you and your customer – including company name, address, phone number, or email address.
A currency. This is particularly important if you have customers abroad. Even if you have transactions in multiple currencies, an account statement should only be in one.
How can I create a statement of account?
The easiest way to create a statement of account is with invoicing software like SumUp Invoices.
With SumUp Invoices, you can quickly save the details of each of your customers. To generate a statement of account for a specific customer, just go to the ‘Customers’ tab, find their name, and click on the ‘Account Statement’ button. You’ll get a PDF that outlines the transaction history between you and your customer, including any outstanding payments.
A statement of account, also known as an account statement or customer statement, is a document that outlines the transactions between a buyer and a seller. Create an account statement in just a few clicks with SumUp
SumUp
SumUp is a global financial technology company headquartered in London, United Kingdom. SumUp supports more than 3.5 million merchants in over 30 markets worldwide, and operates business tools created specifically for the micro and nano segment. SumUp Payments Limited.
An invoice is a request for payment. A statement of account is a summary of what the customer owes. Despite the similarities between the two documents, they serve different purposes. A statement of accounts shows a summary of all transactions for a given period and can include multiple transactions or invoices.
A statement of account: Lists all previous invoice amounts, with invoice numbers and dates, as individual line items. Lists all the transactions that took place in a defined period. Payments or credits are laid out as individual line items. Displays any outstanding balances.
A Statement of Account (SOA) is a financial document that provides a summary of transactions between a customer and a supplier over a specific period. It outlines the details of invoices, payments, credits, and debits related to a particular account.
The Statement of Account shows the outstanding balance and the details of the unpaid invoices (if there are any). It also shows any payment or trust activity since the last invoice.
An invoice is a legal document that advises customers of their obligation to pay for individual sales transactions. In contrast, a statement is an overview of a customer's account.
On account could refer to “payment on account” in which payment is made against a certain customer's account without any reference to a specific invoice. Payments on account are often made for purchases on account where the customer has not yet received a bill or invoice.
You should list the date and value of each transaction. Document numbers to support each transaction. This might include the numbers from invoices, credit notes, or payment receipts. Contact details for you and your customer – including company name, address, phone number, or email address.
A Statement is used to show a list of unpaid Invoices. A Statement normally only gives the Invoice number, and the total amount of each Invoice. A Receipt is what you get when you pay your bill on-site, to prove you paid for products or services rendered.
A bank statement is an official document that summarizes your account activity over a certain period of time—typically one month. You'll find records of all transactions—both incoming and outgoing—so you know exactly what was going on with your funds during that period.
Since payments would be automatically recorded for these customers, it will be easier to view all the transactions associated with a customer at one place. A statement of accounts is similar to a bank statement, except that it is issued by a seller to a customer.
A Statement of Advice (SoA) provides an outline of a financial adviser's recommendations to help you achieve your needs and objectives. The process often begins with a obligation free meeting with a financial adviser. They'll ask questions about your current situation and your financial goals.
While an invoice relates to a specific transaction, a statement can cover multiple transactions. It's a document used when buyers owe the business money on account. The statement is a current report showing the customer's account status, reflecting payments already made and outstanding invoices.
You can use invoice-tracking software to determine whether an invoice has been paid and how many days a particular invoice might be outstanding. Tracking these types of details makes it easier to prioritize unpaid invoices to maintain strong relationships with your suppliers and clients.
A statement of account is a summary of sales made to a customer during the month, and will include any credits issued. The statement can show in date order a summary of all sales invoices (paid or unpaid) and all payments received, or it can show a summary of just the unpaid sales invoices over several months.
A statement of accounts is similar to a bank statement, except that it is issued by a seller to a customer. It helps identify mistakes in transaction records, track unwanted expenses, find fraudulent activities, and prevent small billing or payment mistakes from blowing up.
Visit your bank's Net Banking portal or log in to the mobile banking app.Select the “e-bank statement” or “e-passbook” option from the menu. Enter the statement period to view the debits and credits of a particular duration.
Every month, banks typically email the monthly bank statement to their customers' registered email addresses. Customers can also pick up their monthly bank statements from the branch. The consumer must submit an application for bank statement to the bank manager in order to do so.
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