What is an account statement
An account statement is a document that reflects all operations on a client’s account for a selected period in the account currency: incoming transactions (returns, deposits) and expenses (payments). This report contains information about dates, amounts, transaction types, and the current account status. The statement helps control finances, confirm operations for reporting purposes, and serves as a tool for identifying errors or fraud.
Data displayed in the statement
Data of the organization creating the statement
In Holders, the organization creating the statement is typically a regional VASP. For the European region, such VASP is Walleexer.- Name
- Registered address
- Business activity
- Website
Account holder data
- Account holder’s first and last name
- Country of residence
- Blockchain account address
- Account currency
- Balance at the beginning of the period
- Balance at the end of the period
Operations for the selected period
- Transaction date - date of authorization
- Value date - date of authorization confirmation (e.g., clearing)
- Description - operation type, merchant name and last 4 digits of card number
- Outgoing funds - outgoing operation amount in account currency, operation amount in merchant currency and exchange rate merchant currency/account currency (e.g., payment)
- Incoming funds - incoming operation amount in account currency, operation amount in merchant currency and exchange rate merchant currency/account currency (e.g., refund)
- Balance - account balance after the operation
What the statement is used for
- Personal finance control — tracking all receipts and debits to analyze cash flow and identify non-targeted expenses.
- Payment confirmation — documentary confirmation of payment for goods or services. The statement can be provided to counterparties or services in case of disputes.
- Accounting and reporting — used in accounting by individuals and legal entities. Can be attached to accounting documents and reconciliation statements.
- Tax purposes — documentary confirmation of income and expenses for tax returns, as well as justification of the origin of funds.
- KYC/AML procedures and compliance — provided upon request by banks, cryptocurrency exchanges and fintech services. The statement serves as documentary confirmation of the source of funds.
- Dispute resolution — serves as documentary basis for filing claims, initiating chargeback procedures, contacting support services or banking institutions.