When individuals are required to inquire about their bank accounts and to evaluate how much balance they have in their accounts, they use the receipt for the balance of accounts. These receipts are issued by the banks periodically mostly at the start of every month and these receipts serve the purpose of informing the clients and accounts holders about each transaction of the previous month and the current balance in the account.
Account Balance Receipt Format:
There are two types of receipts for the balance of accounts; one is issued by the banks to the account holders and companies and businesses issue the other to the account holder clients but both of them serve the same purpose; to inform the account holder about the current balance in the account. Bank account statements are issued by banks either automatically at the end or start of each month or when a customer demands it. In the same manner, when two companies or multiple clients conduct business with a company on a regular basis, they open their accounts in the company. This way they can easily adjust the balance and can conduct business either on credit or debt. When these companies evaluate the accounts of their customers or clients, they prepare account balance receipts and send them to their clients in order to inform them about how much credit or balance they have in the accounts.
Key Elements to Include in the Account Balance Receipt:
- Name of the bank that is issuing the receipt
- Account number
- Reference number of the cash receipt for record purposes
- Name of the account holder who is receiving the receipt
- Details of the account balance (i.e. credit, debt, etc)
- Details of transactions made in the previous month
- Net balance at the end of the receipt
- Date when the receipt is issued
- Signature of the authorized person
Importance, uses, and benefits of Receipt for Balance of Account:
When you run a business and hold different accounts in various banks, it is very complicated to verify and evaluate how much profit your company has made and what is the current balance in your bank accounts. You can verify it by evaluating your ledgers and other accounting books but there is no way to cross-check the record other than going to each bank and verifying by yourself. This is where receipts for the balance of the account come in handy as with these receipts you can easily evaluate if the cash in your books and cash on the receipt issued by the bank matches or if there is an error. By verifying your books and matching them with the balance receipts, you can encounter any error in time and ask your finance department or the bank to correct it. With the balance receipts, you can also verify if your business has enough cash in the account to operate smoothly or if the business needs financial help from outside.
Free Account Balance Receipt Template
Here is a preview of a Free Sample Receipt for the Balance of the Account created in fillable PDF format,
Here is the download link for this Receipt for the Balance of the Account,
