What is a monthly Statement?
A personalized financial record that keeps the person abreast of the status of his account is called a monthly statement. This information is mailed to the recipient nearly around the same date each month. The types of monthly statements vary according to the types of accounts.
A checking account’s statement will show the current balance of the account as on the date of the statement generated. The customer can check to his satisfaction whether all transactions occurring in the previous month have been applied correctly or not. If the account has been overdrawn then this also will be told in the statement. A savings account statement will show the balance that has been accumulated over the past month through various deposits and interest dividends applied. Also if any withdrawals have taken place in the 28 to 31 day period they will also appear in the statement.
The bank statements are meant to list whatever credits have appeared in the account likewise a credit card statement lists the debts that have appeared in the account. If the balance is a running balance then the customer has the facility of checking the previous month’s balance too and if any credits have been applied since then. The charges along with the current payment and due dates are listed.
Any type of loan agreement in actuality leads to the generation of a monthly statement. Any mortgage payment, car payments or any other items that have been purchased and not paid of for in full will generate a monthly statement for the payment of the debt.
Any insurance, medical bills, and also a host of other goods and services make use of this system. Even small business firms generate informal monthly statements or for that matter a gardener employed by you might also leave a monthly statement putting down the charge of his services and amount due on your side. Some firms hire accounting body to do the work of generating the statements and collection of money.
For a lay man a monthly statement is a record of the loses and gains incurred in a month and the amount accrued versus the amount owed. The internet has facilitated the access of electronic monthly statements that are preferred as it reduces the paper work and makes the communication faster and is reliable as compared to the mail.