A bank statement is a very basic and essential part of a bank’s workflow. A bank statement is known as the record which is sent to the account holder at every month’s end. It contains all the transactions and taxes deducted from the account during the month as well as the record from all the previous statements from all the entirety of the time the account was active. It is the responsibility of the consumer/account holder to carefully check and keep in order all of the financial transaction records.
There are some financial organizations/institutes that use some specific occasions in order to post the bank statement that also includes the changes in the interest rates or the fees or it may also include promotional items.
Nowadays, the mail that is sent monthly containing the bank statements is a trend in a lot of countries. However, it is not compulsory to use fake bank statement in some countries like Japan where the individual account holders are responsible to keep track of all the deposits, withdrawals and all the balance inquiry using the passbooks of their ATMs.
Types of Financial Statements
· Income statement: Income statement is a type of report that is given to the organization which uncovers all the financial transactions/performance of the organization throughout the reporting period. It gives you all the data related to the sales and also provides you with the net profit or loss depending upon the overall performance. It provides financial progress over time.
· Balance sheet: Balance sheet is a report that presents the budget od an organization and is also very helpful in organizing the business sales area. These provided reports also reflect the status of the organization’s all the assets, equity and the liability. Balance sheet indicated these following elements.
Assets= Liabilities + Equity