FinTech Glossary

Definition

A statement of account is a summary document that details all financial transactions between two parties over a specific period, including debits, credits, and balances.

How Statements Are Used

Statements are used to review transactions, verify balances, and resolve discrepancies. They are commonly issued by banks, vendors, and service providers.

Why Statements Are Important

Statements help finance teams reconcile accounts, validate payments, and support audits. Missing or incorrect statements can delay closures and dispute resolution.

Business Use

Businesses rely on statements of account for vendor reconciliation, customer follow-ups, and financial reporting accuracy.