A monthly billing invoice statement is used to record all the purchases and invoices done in a month and this statement includes past, due, aging, and remittance sections. You can record all the details about your customer’s invoices spread over a month in this invoice statement.
This invoice statement is a document that is used to enlist each amount that is due, mention if any previous payments have been made, and then calculate the due balance.
The remittance sections of this statement are for use by customers to mention the amount of payment made by them. The statement is used as a notification that is sent to a specific customer to whom the invoice has been sent but his payment is still awaited. This is the customer who is continuously having transactions with us and is involved with us in continuous sale purchases and payments.
Using the statement
The monthly billing invoice statement acts as summary information about the balance of this customer and is used as a request for payment of the due balance. The statement should be sent to the customer a few days after the invoice is sent before the closure of the first billing cycle that is mutually decided with this customer.
And just in case the payment from this customer is not received until the second billing cycle ends, another billing invoice statement should be sent to this customer. Now this second invoice statement sent to this customer will be a step of what is called a collection process.
What is the purpose of a monthly billing invoice statement?
The invoice statement is issued to a specific person to let him know how much he has to pay by the due date. The total amount to be paid after the due date is also mentioned in the billing invoice.
The monthly billing invoice contains the total balance as well as the total amount of purchases. Generally, the statement is issued after the provision of services. For example, when the patient is discharged from the hospital, the billing statement is issued to him. The details about previous and current balances are also mentioned in the invoice.
What is the common information mentioned in the statement?
Monthly billing statements are commonly used by credit card companies when they want to document all the purchases of the customers made with the help of credit cards. The statement is a combination of the
- The total amount the customer owes
- Details about all the purchases made by the
customer - Cash withdrawal details
- Minimum payment needed to be made
- Due date of making the payment
- Details about credit limit
- Terms and conditions of the company issuing the invoice statement.
The aforementioned details in the invoice are the common details that may vary from invoice to invoice. You can add more details specific to your billing statement.
The customer should read the monthly statement carefully just to keep track of the purchases. The customer can match the transaction history mentioned in the statement with his record. It is advisable to make the payment as soon as you receive the billing invoice statement to avoid extra payment that you will be required to make in case you pay after the due date.
Monthly Billing Statement File: 67 KB
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