Itemized Statement

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Offline Md. Al-Amin

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Itemized Statement
« on: February 22, 2014, 03:14:40 PM »
Itemized Statement
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What it is:

An itemized statement is a detailed record of certain activity that has occurred in an account for a given period of time.

How it works/Example:

Monthly bank statements for common checking accounts often are itemized statements. They show each deposit and withdrawal in the account during a given month. Nearly every kind of account has an associated itemized statement, including things such as cable bills, student loans, savings accounts, water bills, car loans, and invoices.

Most itemized statements are electronic records, and the activity is in chronological order.

Why it Matters:

Itemized statements are important for understanding account activity, balancing an account, or reconciling activity. They are also important for credit accounts, such as credit cards, because they help identify unusual and possibly fraudulent transactions. The IRS and law enforcement authorities may even look at itemized statements to identify tax evasion or improper activity.
http://www.investinganswers.com/financial-dictionary/personal-finance/itemized-statement-5998

Offline munna99185

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Re: Itemized Statement
« Reply #1 on: February 26, 2014, 12:58:08 PM »
An itemized statement is a periodic statement issued by a financial institution, such as a bank or brokerage firm, to its customers detailing all account activity for the period. Itemized statements include deposits, credits, debts, fees and all other pertinent activity. Usually, this information is presented in chronological order, although it may be broken down in several different ways for the customer's convenience. Itemized statement of bank card accounts will list the names of all debiting merchants next to each terminal entry. ATM locations are typically listed for debit card withdrawals. Itemized statements used to be considered a premium service for preferred customers by many institutions, but computerized record keeping has made them commonplace today. [Source: http://www.investopedia.com]

Sayed Farrukh Ahmed
Assistant Professor
Faculty of Business & Economics
Daffodil International University