Customers' Statement of Accounts
Statement of accounts is a document that outlines the transactions between a business and a customer.
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It can serve a few different purposes. When businesses produce these monthly documentations, it can be used to:
  • Calculate account balances and outstanding amounts
  • Customer reminder for required balance settlement
  • Circumvent disputes with clients
The manner of which the documentation should be done is on a company headed paper with details of the consumer to be contacted in case of a query. Since most businesses now use digital methods to manage payment, it would also be useful to print the bank reference number and sort the code of your bank on the file along with the record number used.

It is also useful to show at the bottom of the document the total amounts due for payment, overdue and not yet due, along with your credit terms.
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Many businesses may never send a copy to their customers, even if they are used internally to check relevant information of customer activity. On the other hand, some businesses issue it regularly; this is very common among businesses with customers who usually use credit for their purchases. In some instances, a digital document is required to be sent to a customer as a helpful message to remind them of unpaid and overdue payment. However, it may still be used as a method to monitor a customer’s balance records from sales to products purchased.
Statement of accounts is a document that outlines the transactions between a business and a customer.
Image
It can serve a few different purposes. When businesses produce these monthly documentations, it can be used to:
  • Calculate account balances and outstanding amounts
  • Customer reminder for required balance settlement
  • Circumvent disputes with clients
Image
The manner of which the documentation should be done is on a company headed paper with details of the consumer to be contacted in case of a query. Since most businesses now use digital methods to manage payment, it would also be useful to print the bank reference number and sort the code of your bank on the file along with the record number used.

It is also useful to show at the bottom of the document the total amounts due for payment, overdue and not yet due, along with your credit terms.

Many businesses may never send a copy to their customers, even if they are used internally to check relevant information of customer activity. On the other hand, some businesses issue it regularly; this is very common among businesses with customers who usually use credit for their purchases. In some instances, a digital document is required to be sent to a customer as a helpful message to remind them of unpaid and overdue payment. However, it may still be used as a method to monitor a customer’s balance records from sales to products purchased.
What does the statement include?
Distinct from invoices – where a strict legal guideline is followed – only a few official requirements for customer statements exist. However, account affirmation should include ample information to give an accurate, and the latest update overview of a customers’ transaction history. The type of information expected to be integrated includes:
Distinct from invoices – where a strict legal guideline is followed – only a few official requirements for customer statements exist. However, account affirmation should include ample information to give an accurate, and the latest update overview of a customers’ transaction history. The type of information expected to be integrated includes:

A master balance. This might be positive (if the buyer owes you money), negative (if you owe them money), or at 0 (if all payments have been settled).

A date range. A statement might be created to cover a specific time, day, month, year, or quarter – or a display of every single transaction between you and the customer. The dates should be clear either way.

Each transaction made within the specific calendar date, including sales (paid upfront or on credit), payments, and refunds. The date and value of each transaction should be listed accordingly.

Reference numbers to support each invoice. The numbers from invoices, credit notes, or payment receipts might be included.

Detailed contact information for you and your customer – including legal company name, addresses, phone number, or email address.

A specified currency. This is major if you have customers abroad. Even if you have transactions in different currencies, a statement should appear in one currency type.
Distinct from invoices – where a strict legal guideline is followed – only a few official requirements for customer statements exist. However, account affirmation should include ample information to give an accurate, and the latest update overview of a customers’ transaction history. The type of information expected to be integrated includes:

A master balance. This might be positive (if the buyer owes you money), negative (if you owe them money), or at 0 (if all payments have been settled).

A date range. A statement might be created to cover a specific time, day, month, year, or quarter – or a display of every single transaction between you and the customer. The dates should be clear either way.

Each transaction made within the specific calendar date, including sales (paid upfront or on credit), payments, and refunds. The date and value of each transaction should be listed accordingly.

Reference numbers to support each invoice. The numbers from invoices, credit notes, or payment receipts might be included.

Detailed contact information for you and your customer – including legal company name, addresses, phone number, or email address.

A specified currency. This is major if you have customers abroad. Even if you have transactions in different currencies, a statement should appear in one currency type.
How to Create Customers' Statement of Account
There are several ways of creating a statement of account with accounting & invoicing software available through our partners. At InTune Outsourcing, we ensure all our clients’ invoices are issued and all payments from customers are deducted in order to prepare an accurate statement. The more important task for our customer is to focus on communicating with their own clients when settling the balance of payment, and our role as an outsource accounting firm is to assist with the paperwork.
When the economy was affected by the coronavirus outbreak in 2020, the majority of Malaysian institutions were unable to operate due to the disruptions. It was a reminder to look at the logistics of such a situation. It is critical to assess the safety and risk of employees for their health and protection. Having these files electronically issued and emailed via internet is better than physical travel. With our experience, we can guide you in using these services to enter and to save the details of each of your customers, or to generate a main file for one customer, and amend it based on desired modification, then easily release it to customers.
Today, standards for accounting services are evolving to a more paperless approach, a detailed report can be generated instantly using online services provided by our trusted financial partners, ensuring data security while allowing an open access to resources using a state-of-the-art, cloud-based system.
There are several ways of creating a statement of account with accounting & invoicing software available through our partners. At InTune Outsourcing, we ensure all our clients’ invoices are issued and all payments from customers are deducted in order to prepare an accurate statement. The more important task for our customer is to focus on communicating with their own clients when settling the balance of payment, and our role as an outsource accounting firm is to assist with the paperwork.
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When the economy was affected by the coronavirus outbreak in 2020, the majority of Malaysian institutions were unable to operate due to the disruptions. It was a reminder to look at the logistics of such a situation. It is critical to assess the safety and risk of employees for their health and protection. Having these files electronically issued and emailed via internet is better than physical travel. With our experience, we can guide you in using these services to enter and to save the details of each of your customers, or to generate a main file for one customer, and amend it based on desired modification, then easily release it to customers.
Today, standards for accounting services are evolving to a more paperless approach, a detailed report can be generated instantly using online services provided by our trusted financial partners, ensuring data security while allowing an open access to resources using a state-of-the-art, cloud-based system.
Every SME Can Become Large
InTune Outsourcing - Creating Financially Driven Businesses and Entrepreneurs.
Every SME Can Become Large
InTune Outsourcing - Creating Financially Driven Businesses and Entrepreneurs.

About InTune Outsourcing Services

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InTune Outsourcing was founded in 2007 as an outsourcing and business consultancy firm geared to the needs of small and medium sized enterprises.

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About InTune Outsourcing Services

Quick Link

Facebook


InTune Outsourcing was founded in 2007 as an outsourcing and business consultancy firm geared to the needs of small and medium sized enterprises.

Find Out More About Us


About InTune Outsourcing Services


InTune Outsourcing was founded in 2007 as an outsourcing and business consultancy firm geared to the needs of small and medium sized enterprises.

Find Out More About Us

Facebook