The description assigned to the statement of account

A statement of account is issued by the seller to the customer listing all financial transactions between the two companies over a specified period of time

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The description assigned to the statement of account
Customized description in the account statement
The statement of account is issued  by the seller to the customer. It lists all financial transactions between the two companies during a specified period of time (usually, monthly). The statement may reflect a zero balance, if not, it serves as a reminder to the customer that money is owed.
What is an account statement?
An account statement is a periodic summary of account activity with a start and end date. The most common are checking account statements, which typically provide monthly account statements, and brokerage account statements, which are provided monthly or quarterly. Monthly credit card bills are also account statements.

Understanding account statements
Account statements refer to almost any official summary of an account, wherever the account is maintained. Insurance companies may provide statements summarizing cash values paid, for example. Account statements can be generated for almost any type of account representing current transactions where money is frequently exchanged. This can include online payment accounts such as PayPal, credit card accounts, brokerage accounts, and savings accounts.
Utility companies, as well as subscription phone and TV providers, typically create statements for their customers detailing their usage and any increases during the payment cycle. These statements typically list debits paid, funds received or credits received by the account holder, and fees associated with maintaining the account. For example, certain types of savings accounts may incur regular maintenance fees unless a certain minimum balance is maintained in the account. Cable TV subscriptions may include state taxes and other additional fees included in providing regular service.
Is the account statement an invoice?
A statement of account is not an invoice. It is a report issued by the vendor and sent to the customer, usually in PDF format delivered via email.
The statement of account records financial transactions between the two companies over a specified period of time, usually a period of one month. The statement lists all bill amounts and payments. It will also include refunds from the seller as well. The statement may show an amount still owed by the customer.
An invoice is a different document. It is also issued by the seller, but it is an invoice for only one transaction.
Each invoice for the time period for which it is documented, regardless of whether it was paid or not, is listed as a line item on the statement. Corresponding payments will also be there. This way, both the seller and the customer can know if a payment is missing or if the customer's account is up to date.
Here are the differences between what you'll see on your invoice and statement.
Describes the items purchased (or services provided) and the cost per unit.
Add taxes.
Displays the total amount due.
Provides payment terms and payment details.
account statement:
Lists all previous invoice amounts, with invoice numbers and dates, as individual lines.
Lists all payments or credits as individual items
Displays the outstanding balance, if any, of all transactions.
It may list cost buckets (more on that below).

How are account statements used?
Account statements should be checked for accuracy, and historical data is critical to budgeting. For example, a credit or loan statement may show not only the outstanding balance owed but the interest rate charged on that debt and any fees added during the repayment cycle. This can include late fees for payments not received by their due date as well as overdraft fees when bank account holders overspend. Account statements are a window into your finances.
The statement may also list financial information about the account holder such as their credit score, or the estimated time it will take to repay the debt in full via repayment installments. Alerts and notices to the account holder may also appear in this data, drawing attention to account-related matters that need to be addressed, such as such unusual charges that should be reviewed and verified.
Red flags on account statements
Anomalous items on an account statement may be a sign that an account has been compromised, perhaps through a stolen credit or debit card or through identity thieves who gained access to account information. For example, the account holder or financial institution may discover charges on concert tickets or a luxury item that seems out of the ordinary. Account holders may be able to dispute these inappropriate charges and file a claim that they did not make the purchase themselves. Reviewing your account statements as they come in is a good financial habit that can catch these red flags before they turn into a financial disaster.

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