Bank Statement in Accounting

Bank Statement in Accounting

Bank Statement in Accounting

A bank statement is a document (also known as an account statement) that is typically sent by the bank to the account holder every month, summarizing all the transactions of an account during the month. Bank statements contain bank account information, such as account numbers and a detailed list of deposits and withdrawals.

Benefits of Bank Statement in Accounting

A bank statement is a great tool to help depositors or account holders keep track of their money. It can help a person to identify errors and recognize their money spending habits.

Also Read:-Direct Income & indirect income in Tally

How to get a bank statement online

Any person or group who has a bank account can access their bank statement. Traditionally, bank statements are paper documents that are mailed to the account holder, but these days, all UK banks offer e-statements that can be accessed online. When you set up a new bank account, you’ll be given the option to go for paper statements or e-statements. If you already have an account and would like to switch to electronic bank statements, you can request this from your bank.

Also, Read:-Accrued Income is an Asset or a Liability

How to check your bank statement

We have seen that tracking bank account statements are crucial. But how does one go about it? There are many ways, but NetBanking is the easiest. Financial software can also be useful. You don’t have to visit banks and wait in queues anymore; you can do it from the comfort of your home. HDFC Bank NetBanking platform, for instance, provides you with a simple format for tracking your accounts.

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