Bank Statement - SS1 Accounting Lesson Note
A bank statement is a document provided by a bank that shows all the transactions made on a particular account over a given period. It lists all the deposits, withdrawals, and other transactions that have occurred in the account during the statement period.
Bank statements are typically generated monthly, but can also be requested for a specific time frame. They are usually sent to the account holder's mailing address or made available online through the bank's website or mobile app. Below is a format for a bank statement:
|
Lodgment into the bank (Date) |
Particulars
Deposits (Debit)
Withdrawals (Credit)
Balance
X
X
X
X
X
The purpose of a bank statement is to help account holders keep track of their account balance and ensure that all transactions are accurate. It also provides a record of all the transactions that have been made in the account, which can be helpful for budgeting and financial planning.