Concept of Bank Statement
A bank statement is an official document that summarizes your account activity over a certain period of time, typically one month . You’ll find records of all transactions both incoming and outgoing, so you know exactly what was going on with your funds during that period.
Importance of Bank Statement
Bank statement or pass book plays the vital role in cash and banking transactions.
- It is maintained by bank on the behalf of customer, and customer can check it with help of their cash book.
- It records only the banking transaction between the customer and bank.
- It helps cash balance at bank verification at the time of a statutory audit.
