Statement of Account is an invoice type that represents a document that summarizes all the transactions (charges, payments, credits, etc.) between a buyer and a seller over a specific period.
You would typically choose Statement of Account as the invoice type in the following scenarios:
- Periodic billing: When a supplier sends a periodic statement (e.g., monthly, quarterly) to a buyer, summarizing all the transactions that occurred during that period.
- Account reconciliation: When a supplier sends a statement to a buyer to reconcile their account, showing all the outstanding balances, payments, and credits.
- Summary of transactions: When a supplier needs to provide a summary of all the transactions related to a specific project, contract, or agreement.
In contrast to a traditional invoice, which typically represents a single transaction or a specific set of goods or services, a Statement of Account provides a broader view of the financial relationship between the buyer and seller.
