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Statement of account

What is a statement of account?

A statement of account is sent to a customer, usually once a month.

It lists what has happened on the customer's account and the balance owed. Invoices add to the balance. Credit notes and payments take away from it.

It is a reminder, not a new charge.

Example

A café owes a printer £300.00 at the start of March. In March it is invoiced £240.00, is sent a credit note for £60.00 and pays £300.00. The statement shows a closing balance of £180.00.

Why it matters

The customer checks the statement against their own records, and queries any difference before paying.

Practise it

  1. 1How to read a statement of account8 min, easyFree
  2. How to reconcile a supplier statement10 min, mediumPremium
Practise it nowHow to read a statement of account

Ledger Drill is practice, not tax or accounting advice. If this looks wrong, tell us at [email protected].