A bank statement template is a report released by banks which shows the record of balance in an account, the amount that have paid into it and withdrawn from it. Generally, it is issued every month to the holder of the account. It is important for an account holder to review their bank statements carefully and keep them for their own financial records. The statement shows detailed activities in the account and it allows an account holder to see all transaction processed on his/her account throughout the month. Usually, the statement includes the list of checks paid, total withdrawals, total deposits, interest earned and service charge incurred in an account. It shows you your account at the starting of the accounting period, how much money was there at the end of the period, how much you deposited and how much you withdrew? It also tells you all the fees and charges the bank has debited from your accounts, so you know how much it costs you to maintain your account. If you are making a budget plan, it offers you a wealth of information.
Importance of Bank Statement
Generally, bank statement templates are sent out in the post or accessed online. It is very important for you to check your bank statement regularly if you have a high number of transactions. It shows all deposits made into the account and all payments made out including any debt payments. This format gives you an idea about how much money you had to put into each expense category, your bank statement template can be a great resource. It shows complete details of someone’s bank account. These statements are a great way to help an account holder to keep track of his money and recognize spending habits. Nowadays most of the banks offer an account holder the option of receiving paper statement or paperless electronic statement and these statements are known as electronic statement.