Definition of Account statement:
General: Summary of all transactions with a customer or a supplier that occurred over the previous month, quarter, etc., and their effect on an open-account balance. Also called a statement of account.
Account statements refer to almost any official summary of an account, wherever the account is held. Insurance companies may provide account statements summarizing paid-in cash values, for example. Statements can be generated for almost any type of accounts that represent ongoing transactions where funds are repeatedly exchanged. This can include online payment accounts such as PayPal, credit card accounts, brokerage accounts, and savings accounts.
Banking: Alternative term for bank statement.
An account statement is a periodic summary of account activity with a beginning date and an ending date. The most commonly known are checking account statements, usually provided monthly, and brokerage account statements, which are provided monthly or quarterly. Monthly credit card bills are also considered account statements.
How to use Account statement in a sentence?
- Account statements can be thought of as a summary of the account and include statements of services provided, fees charged, and money owed.
- Account statements should be scrutinized for accuracy, and historical statements are critical for budgeting.
- An account statement is a periodic statement summarizing account activity over a set period of time.
Meaning of Account statement & Account statement Definition