What is a bank statement?

A bank statement is a document that shows all the transactions that have happened in your bank account. This includes deposits, withdrawals, interest earned, bank fees paid and the total balance on the day the statement was sent.

Bank statements are usually sent every month, and show the transactions of that month. Some banks mail bank statements to the account holder. But online bank statements are becoming much more popular. You can often view these on your bank’s website or mobile app.

 

Related terms:
What is bank reconciliation?
What is a cash flow statement?
What is a financial statement?

Related Xero feature:
Know your numbers with the online accounting dashboard

Related Small Business Guide:
Five steps to faster payment

Accounting Terms

Accounting terms and how-tos for beginners. Let us walk you through all the basics that you need know.

What is a bank statement?

A bank statement is a document that shows all the transactions that have happened in your bank account. This includes deposits, withdrawals, interest earned, bank fees paid and the total balance on the day the statement was sent.

Bank statements are usually sent every month, and show the transactions of that month. Some banks mail bank statements to the account holder. But online bank statements are becoming much more popular. You can often view these on your bank’s website or mobile app.

 

Related terms:
What is bank reconciliation?
What is a cash flow statement?
What is a financial statement?

Related Xero feature:
Know your numbers with the online accounting dashboard

Related Small Business Guide:
Five steps to faster payment

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