What is a bank statement?

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There are times when you come across a series of documents that, a priori, do not seem important. He even sees them as a waste of paper, time and money. However, these can be very important. This is what happens with the bank statement.

If you wish know what a bank statement is, what information it can offer you, the advantages it offers you with respect to accounting and some other information of interest, this information that we have prepared will help you to solve all your doubts.

A bank statement can be set as documento que envía el banco, ya be por vía electrónica o por correo, que refleja un resumen de los movimientos de una cuenta bancaria throughout a month, as well as the available balance of that account.

In other words, we are talking about a document in which you can see the movement of income and expenses that have been in a bank account in a certain period of time.

Before it was very common for banks to send a statement of account to their clients per month, so that they could keep track of both their accounting and their income and expenses. However, little by little this was falling into disuse, or it is a service for which it is charged to continue doing it, in such a way that many have eliminated this shipment or have received it through the Internet (being able to modify the dates, types of movements, etc.).

What data does it contain

When you ask for a bank statement, there is a lot of information that, if you are not sure what it refers to, it can overwhelm you. However, it is extremely easy to understand. And that is you will have 8 different points to take into account. These are:

Date of issue

In other words, the date the bank statement was issued (printed, requested, etc.). It is essential to be able to control the movements of a certain period of time.

To understand which bank account (and person or company) this document refers to.

Account code

We talk about the account number, the entity, office and DC. In other words, the full account code or the IBAN code.

Operation date

In this circumstance you will find a good number of them, and that is the date on which, either an income or an expense, has been registered in the bank account. That way, you know when that amount (positive or negative) has been paid.

Operation concept

In this circumstance, they explain to you what the expense or income has reached that is reflected in the account statement. In reality, sometimes it is even more informative than the date itself or the value of the operation that has been carried out.

Transaction value date

The value date, as conceptualized by the Bank of Spain, is the moment in which «a credit in a current account begins to generate interest or when a debt stops generating interest, regardless of the day of the accounting of the transaction or accounting note« ».

In other words, we are talking about the date on which this operation has become effective.

Transaction amount

The money, positive (income) or negative (expense) that has been made.

Account balance

Finally, you will have the balance of the account, both the previous one, and the one you have after having made a movement.

A bank statement is not a mere document where the movements of the account (and the money changes in it) are established, but it transcends since It is very useful for accounting and control. in terms of income and expenses.

At the same time, through this we can consult cash withdrawals, income, collections or direct debits, debts, commissions, etc.

A bank statement may seem silly, but the truth is that there are many benefits to using it, including the following:

• It can detect errors. Thanks to the fact that a bank statement shows you all the movements of a bank account, whether they are income or expenses, it is the most reliable source of what has happened with your finances and thus you can detect if there have been any expenses or income that are not yes we would remember it or not.
• You can confirm your income and payments. If you have several clients, or several companies to pay, with the bank statement you can check that effectively the income or payments have been satisfied and, in that way, forget about them (at least until the following month).
• Your accounting will be faster. Because you will not have to look for the payment or the deposit, you will have a document where everything from that account is reflected. If you have multiple accounts, you should have different bank statements that reflect that information to balance everything at the end of the month (or quarterly).

Previously, you could only get a bank statement going to the bank and requesting it in person. Over time, this service was automated, being able to Get it through the ATM. No obstante, la aparición de Internet y las páginas Web, dio otro salto, puesto que la gente podía revisar este documento mediante su Username online en el banco.

Currently, both this form and the use of the bank's official application on the cell phone make it possible to carry out this information process, including print the document to have it physically.

Right now, taking the bank statement is pretty easy. Because you can go to your bank branch and request it, view it (and download it) from the bank's web portal, look at it in the cell phone application or even have it printed at an ATM.

The good thing is that, if you look at it on the web, you can select a personalized period, something that, in other places, is not viable, or you must expressly request it. At the same time, you should know that banks keep a record of all your movements during a period of between 5 and 20 years, so beyond that there will be nothing.