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You need to keep track of the goods or services you provide. A Statement of Account can help you do just that. When charges are piling up and you're also giving credit to customers, it's easy to lose... Read More
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Making a Statement of Account
You need to keep track of the goods or services you provide. A Statement of Account can help you do just that. When charges are piling up and you're also giving credit to customers, it's easy to lose track of these transactions and make a mistake. One error can cost you money—or a customer. Keeping a Statement of Account for each customer helps you avoid mistakes.
A Statement of Account is issued by a business to its customers. It shows all of the sales made to a customer over a given period of time. It can be issued to a customer for various reasons, including a reminder to pay a balance that is soon to be due, or as a reminder for an overdue balance that has not yet been paid.
The Rocket Lawyer free Statement of Account document can be used if:
A Statement of Account is an important way to track information for both internal use and as a way to make proper accounting to customers. The higher your transaction volume, the more potential for disorganization that could derail your bottom line. By keeping a current Statement of Account, you can provide documentation for your customers at a moment's notice.
Additionally, a Statement of Account is helpful for customers to keep their own records. Statements of Account can be used for both tax and accounting purposes to keep track of when payments will become due.
A Statement of Account is generally broader than an individual invoice because it covers a longer period of time. For example, if you have an account with a local phone company, each month they would send you a bill, similar to an invoice. However, if you asked them for a record of your entire history as a customer, it would be more like a Statement of Account, covering your entire history of invoices (bills) and payments.
An invoice typically shows things such as purchased items, cost per unit, the total cost, and the total for all of the items within the particular sale. Several invoices could be included within a Statement of Account, including past payment information and any outstanding balances.
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