Free Customer Statement Template for Excel

Are you having a hard time finding the perfect free customer statement template for Excel suited for your business?

The solution? Our free template for Excel! With this template you’ll be able to spend more time focusing on your business instead of spending hours working on reports. It’s simple and easy to use and will give your business the upper hand by presenting accurate data.

The following is a list of the topics we addressed in this article. Feel free to explore any of these sections in more depth if you’re interested.

• What is the definition of a customer statement?
• You can use account statements for a variety of reasons.
• When should you use a customer statement?
• What should a customer statement look like?
• Why is it vital to have a customer statement?
• What is the difference between a customer statement and an invoice?

What is the definition of a customer statement?

A customer statement, also known as a statement of account, is an important document that summarizes buyer’s and seller’s transactions. It serves as a reminder to customers to pay their accounts.

You can use account statements for a variety of reasons :

• Remind a customer that their account balance needs to be settled.
• Calculate the balance of an account that a customer hasn’t paid yet.
• Assist with dispute resolution between a buyer and a seller.

When should you use a customer statement?

Even though they’re used internally to gain an overview of client behavior, some organizations may never provide account statements to their customers.

Some businesses will send account statements regularly to their customers; this is common among companies whose customers buy goods on credit.

Many small companies will only issue a statement of account to a customer who has requested one or to remind them to pay their outstanding balance. However, account statements can be used to keep track of customer’s accounts at regular intervals.

What should a customer statement look like?

Unlike invoices, which must follow strict rules, customer statements do not have many formal obligations. However, account statements should include enough information to show a customer’s transaction history. The information on a statement of account should include :

1. Balance – You might have a balance that is positive, meaning they owe you money, or negative, meaning you owe them money.
2. Date range – The date range on your statement should be clear. You could show every transaction between you and a customer, or just one month.
3. Each transaction – Every transaction that happened within a specific date range should be listed. This includes both sales and refunds, and even payments made on credit. The date and value of each transaction has to be noted.
4. Document number – Each transaction will have a document number. Numbers will come from invoices, credit notes, or receipts for payment.
5. Contact information – Company name, address, phone number, and email address for both you and customer.

Please view the images below to see an example of our free customer statement template for Excel.

Why is it vital to have a customer statement?

• Customers receive an account statement that tells them what they have consumed within a specific time period and the price they owe.
• The statement will reflect any amounts paid to the account during the period, as well as any amounts that are still due.
• The consumer can use the account statement to challenge any transaction with the supplier or financial institution.
• If the system captures double payments or charges, then the business owner should look at and validate all the transactions to make sure they are accurate.
• Reviewing the consistency of entries in a customer’s account is also important this can, you can do this by looking at their customer statement. A company can use a statement to see if someone has paid all the debts. If the customer missed a payment, the business owner can send the consumer a payment reminder.
• The account statement makes it easy to view all invoices sent to the customer and payments received from the customer. You can therefore quickly identify any inconsistencies and correct them.

What is the difference between a customer statement and an invoice :

Invoice

An invoice is a document that accompanies a shipment of goods which is sent from a supplier to a buyer. The invoice is a list of all the items in your order, including any delivery fees. When you need a customer to pay you for products or services you delivered, you issue an invoice.

Customer Statement

A statement is a regular report which reflects what buyers owe vendors for the goods they have purchased. It refers to the current state of the customer’s account at a specific moment in time.

What is the difference in purpose?

• Invoice – An invoice is used to requesting a payment from a customer. The invoice also informs the customer of the price of each item included in the purchase order. It’s the vendor’s way of explaining why the buyer owes a certain amount.
• Customer Statement – The purpose of a statement is to urge a buyer to settle their account. The statement shows the most current costs and informs customers of any outstanding balances from past purchases. You send this to the customer regularly it covers the invoice payment status for a set period, usually monthly.

What is the information that they require on an invoice?

A standard invoice contains a few order-related components.

1. The invoice header displays a company name and logo, the suppliers’ contact details and the customers’ name and contact number.
2. The date of purchase, item code, item name and description, quantity, and the unit cost reflects on the invoice.
3. You list every item ordered individually.
4. It also provides an invoice number for tracking.
5. At the end of an invoice there’s a subtotal for all the goods you bought, a sales tax figure, and a grand total.
6. It also lists the payment terms and details.

What information is on a customer statement?

A customer statement does not include as much detail as an invoice.

1. A customer statement displays the date of every transaction that is captured during the period of the statement.
2. There are businesses that only add invoices and amounts on their customer statement that is still outstanding.
3. While other businesses will include all transactions recorded during the statement period.
4. The customer statement reflects each invoice number and the totals.
5. The customer can use this information to connect invoices on the statement to invoices and receipts, both paid and unpaid.
6. It also includes payment terms and instructions on the statement.

What about payments and dates?

• In most cases, invoices include a payment due date and the date that your order was processed or sent.
• The statement date is the date that you complete a statement and send it to the buyer.
• It is best practice for a buyer to pay an invoice upon receipt of an invoice rather than waiting for a statement.
• It is a normal occurrence for businesses to generate statements prior to payments being processed, so it is beneficial for you to pay your invoices as you receive them to avoid misunderstandings.

We genuinely care about your company’s success and our free resources are available to assist you in this endeavor! Some of our free resources include :

• Quote template
• Tax invoice template
• Credit note template
• Financial statement template

The best way to ensure that your business stays organized and on top of your accounting is to use our free customer statement template for Excel.

Contact us if you require any assistance with accounting, bookkeeping, reporting, business advisory, or tax compliance services. Call us on 011 568 2390. Email us directly at [email protected] or you can complete our contact form.