This Guide will review how to access and download Statement of accounts.
Reviewing a Statement of Account is essential for monitoring financial health of a business, regularly checking these statements helps verify account balances, identify unauthorised charges, manage cash flow, and reconcile payments. By reviewing Statement of Accounts, you aren’t just looking for a single number; you are performing a “financial autopsy” on the debt to see if it’s worth their time and if it will hold up in court.
Key reasons to review a statement of account include:
Reconciliation and Record keeping:
Ensuring that internal records match the bank’s or vendor’s records, which is crucial for business accounting, managing receivables, and documenting payments.
Verification of Legal Standing
Before they can legally demand payment, they must prove the debt is valid and accurate.
- Chain of Title: They need to ensure the account number, original creditor, and balance match exactly what was sold to them.
Identifying the “Statute of Limitations”
This is arguably the most critical reason. They look at the Date of Last Activity (DLA).
- Every debt has a legal “expiration date”
- By reviewing the statement, they determine if the debt is still legally enforceable in court or if it has become “time-barred” (too old to sue over).
Locating a Case’s Statement of Account:
Within the Case management feature locate the case you want to review and scroll down to Financials or use the quick access buttons.
At the Financial History box you will find the “Statement of Account” feature along with other financial related features.
By clicking this you will be redirected to the Statement of Account of the case you have previously selected.
Client Name: Debtor full name
Original Reference: The debts original Reference/Invoice number.
Collections Cloud Reference: Case ID listed on Collections Cloud systems.
Date: Current date.
Company Name: Your company name.
Company Address: Your company address.
Downloading statement of account: Using the download as PDF button on the top right, the statement will download to your local device.
The statement will display the following details:
Opening Balance: The debts original balance.
Total Fees Charged: The total amount of fees charged in £.
Total Interest Charged: The total amount of Interest Charged in £.
Total Amount Charged: It’s the total amount after adding Opening Balance + Total Fees + Total Interest. The result is the total amount charged.
Amount Paid: The total amount of £ that the debtor has paid towards the debt.
Outstanding Balance: The remaining amount of £ still owed by the debtor.
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