One of the most common responsibilities of the finance or accounting department is to send out a customer monthly statement. Now, this kind of document is pretty much familiar especially for credit card holders or perhaps when clients would purchase something that would need to be paid on a monthly basis such as a vehicle or a condo unit. Such statements can help your customers keep track of their own accounts and how much are they still need to pay. To know more about this particular statement, let us discuss this further below. And to help you prepare a statement for your clients, check out our free customer monthly statement samples that are available for download on this page.
5+ Customer Monthly Statement Samples
1. Accounts Receivable Customer Monthly Statement
2. Customer Account Monthly Statement
3. Customer Request for Monthly Statement
4. Customer Services Monthly Statement
5. Customer Monthly Billing Statement
6. Customer Periodic Monthly Statement
What Is a Customer Monthly Statement?
For financial institutions, one of their services is to keep a record and update their customer’s records. Of course, this is not only limited to such businesses, as any company who offers installment and the such are able to keep a better track of their customers by providing a customer monthly statement. Likewise, customers need to be reminded of what they need to pay before any late payment charges could incur. A customer monthly statement outlines any outstanding invoices and account activity. Such a document will serve as a reminder or reference in case any concerns arise in the future. Also without a customer statement, clients may dispute late payment charges. So to protect and avoid such confrontations it is important to dutifully send out these statements on a monthly basis.
How To Create a Customer Monthly Statement?
Statements can be sent via regular mail or nowadays via email, or they can log into their accounts to check or download the statement for reference. If there is any amount due, they are able to take note of the deadline and other important details. The purpose of a customer statement is not only to check for the financial activity but to also inspect for any discrepancies. It’s nothing new when some statements record the wrong information, so you can use this for reference to help correct this mistake. Every customer monthly statement is different and unique, but there are several important elements that are common in this document. Make sure you are able to include the following:
1. Customer Information
The statement should include the name of the customer, and the given address.
2. Account Activity
An account activity would list down all the transactions, invoices, refunds, payments for the customer within a selected date range. This particular kind of statement is used whenever you want to share a complete history of records for your customer’s own record keeping.
3. Outstanding Invoices
If the client has to pay for something on a monthly basis, then the customer statement should reflect the outstanding invoices which would contain the transaction details.
4. Amount Due and Deadline
If a payment has to be paid on a monthly basis, then the amount due for that month has to be reflected in the statement as well as the deadline.
5. Date of the Statement
Make sure to include the date on which the statement has been sent as this will serve as a reference for any payment that is needed to be undertaken. This means that you will need to send the documents a good number of days before the payment is due. Although some emails or software nowadays are fully equipped to send out statements on time and automatically.
Make sure you review the customer statements you are about to send, any discrepancies most especially when it comes to invoices can delay payment.
What Are Invoices?
These are documents that are given to a client which consists of the transaction details and the charges associated with it.
What Is the Purpose of a Statement of Account?
A statement of account or SOA is an accounting document that summarizes the financial transactions between the two businesses or between a client and a vendor.
What Is a Bank Statement?
This is a document sent by the bank to their customers that contains an official summary of financial transactions occurring within a given period.
To make sure you are able to prepare a complete customer monthly statement download our free templates above!
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