Your bank statement may be simple, but it contains a lot of information. This can be helpful for budgeting purposes and finding ways to save money. By laying out your account’s overall activities, a bank statement can help you monitor your spending and spot trends that may have gone unnoticed during day-to-day spending. Many rely on their bank statements for tracking expenses. A bank statement is also commonly used for account reconciliation, a process where you compare your statement with a second record of financial activities - like a personal accounts ledger or a budgeting app - to highlight any discrepancies. Doing so can help detect fraud, accounting errors and refresh your memory of the period’s activities. What is the purpose of a bank statement?Ī bank statement helps you review your account’s activities during a certain period. Let’s learn more about how to make the most of your bank statement. It provides a record of your money and regular reviews of your bank statements can be helpful for tracking expenses, spotting potential accounting errors and identifying fraudulent activity. ![]() A bank statement is a detailed summary of all the financial activities for an account over a specific time period, highlighting the comings and goings of your finances.
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