A billing statement is a printed or electronic information report that is done on monthly basis by credit card companies and offered to the credit card holders. The information therein generally covers the customer’s updated transactions, monthly payment information together with other important information. It is usually done at the end of every billing cycle. The billing statement is divided into various sections. One section indicates the previous balance by the customer, another section shows the minimum payment that is due and the due date while the remaining section indicates the current financial information of the card holder. There are readily available templates for the billing statement templates that are provided in the web.
Billing Statement and Your Business Accounting
Credit cards are commonly used nowadays in making all forms of transaction. All these transactions are clearly indicated on the billing statements. It indicates the payments done by the client and the billing to the customer. It acts as a reminder to the customer of all the unpaid credit by the customer. Some of the information that reflects on the billing statement includes
- Opening balance
- Withdrawal statements
- List of purchases done
- Fees incurred on late payment
- Outstanding charge interest
- Amount at the statement day
- Required minimum payment
- Minimum payment date
Difference Between Billing Statement and Invoice
The billing statement provides all information contained in past invoices of a specified date. On the other hand an invoice contains a list of items purchased, cost per unit and the total of all the items in the list. In other words, the billing statement itemizes all the invoices already paid and all those that have been partially paid. Moreover, Invoices are issued whenever a sale has been completed whereas the billing statement is only issued periodically.
A professionally designed billing statement is always an essential part of your business. It is why you need to focus on drafting a well-organized and easy to use comprehensible billing statements. You can use a free invoice template that is readily available in various formats and styles. However, customized billing statements are preferable to help your customers navigate through and won’t find any difficulty understanding its content. Drafting a professionally customized billing statement is not a hard task. However, it is fast, easy, and accurate. You can also download already to use invoice template and customize it as per your specific needs.
You can get a free well developed billing statement templates in both excel and word format for a comprehensive billing statement.