---
title: "What is statement of account?"
description: "Statement of Account explained in plain English: definition, how it works, an example, and how it appears in QuickBooks and Xero."
url: https://ledgerbpo.com/glossary/statement-of-account/
updated: 2026-09-11
publisher: LedgerBPO (SS Support Network LLC)
language: en-US
---

# What is statement of account?

Glossary

A statement of account is a summary document sent to a customer or received from a vendor listing all invoices, payments, and credits over a period, along with the current outstanding balance.

Updated September 2026

## How statement of account works

Unlike a single invoice, a statement of account shows the full picture, every invoice issued, every payment received, and any credits applied, over a chosen date range. This gives the customer a complete view of their account rather than just one transaction at a time.

Statements are especially useful for customers with multiple open invoices or a running account, since they make it easy to see the total balance owed and confirm both parties agree on the numbers. Businesses often send statements monthly alongside regular invoices as part of the collections process.

## Example

A supplier sends a customer a statement of account for March showing three invoices totaling $6,000, one payment of $2,000, and a $500 credit memo for a return. The statement shows a closing balance of $3,500 owed, giving the customer a clear, complete summary instead of three separate documents.

## Statement of account in QuickBooks Online vs Xero

QuickBooks Online can generate and email customer statements directly from the customer center, showing all open transactions over a chosen period. Xero offers the same through its Statements feature, which can be sent in bulk to multiple customers at once on a set schedule.

## Common mistakes

- Statements are generated and sent without checking that every listed invoice, payment and credit is actually current, so customers receive a balance that does not match their own records.
- A business stops sending statements once a dunning process begins, removing the one document that gives the customer a full, agreed-upon picture of what is owed.
- Credits or disputed items are left off the statement entirely, which triggers a customer dispute over a balance that was never actually accurate to begin with.

## Why it matters

A statement of account gives a customer one complete picture of everything they owe instead of a pile of separate invoices, which reduces disputes and speeds up collection. For a business managing accounts receivable, accurate statements build trust with customers and support the numbers behind a lender's review of outstanding receivables. Sent regularly and correctly, they cut down on the back and forth that slows cash collection.

## Related terms

- [Invoice](https://ledgerbpo.com/glossary/invoice/)
- [Aging report](https://ledgerbpo.com/glossary/aging-report/)
- [Dunning](https://ledgerbpo.com/glossary/dunning/)
- [All terms](https://ledgerbpo.com/glossary/)

## How LedgerBPO handles statement of account

We send regular statements of account to your customers alongside our dunning process, giving them a full, accurate picture of what they owe. A dedicated accountant reviews each statement for accuracy before it goes out. You get fewer payment disputes because customers can see exactly how their balance was calculated.

[Get paid faster with a dedicated AR desk](https://ledgerbpo.com/services/accounts-receivable/)

Next step

## Books closed. Invoices paid. Every month.

Tell us what is going on with your books or billing. You will hear from a named person within 1 business day, with a custom quote and a plan for the first close.

- Reply from a named person within 1 business day
- No setup fee, month-to-month
- Your software, your data, no lock-in

Start with a custom quote

[Get a custom quote](https://ledgerbpo.com/get-a-quote/) [Book a 20-minute call](https://ledgerbpo.com/book-a-call/) Or call [+1-657-777-0006](tel:+16577770006) during US, UK or Australian business hours.

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Source: https://ledgerbpo.com/glossary/statement-of-account/ · Contact: https://ledgerbpo.com/contact/ · Full site map for agents: https://ledgerbpo.com/llms.txt