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Itemized Statement Definition
An itemized statement is a document that contains a detailed list of activities that occur during a given period. A firm can issue an itemized statement to its customers, so also can a financial institution issue to its customers. An itemized statement is detailed record issued periodically to customers to indicate all activities for that period. When issued in the context of service, an itemized statement contains the list of services that a firm provides to its customers. If a bank issues an itemized statement to a customer, this statement contains a record of deposits, debts, fees and other account activities.
A Little More on What is an Itemized Statement
Companies that render unique services to customers can issue itemized statement, those that sell products can also use this statement. Typically, an itemized statement is used by financial institutions such as commercial banks and brokerage firms for their customers. It is a statement that contains a detailed record of all activities surrounding an account or financial product. Also, itemized statements are used as forms of recordkeeping in the marketplace today, the statements are given to customers periodically.
Example of an Itemized Statement
If Brandy is a customer with Bank A and has an account with them, based on the type of account, Bank A is expected to issue an itemized statement to Brandy periodically (monthly or quarterly) telling him of the activities that occurred in his account for that period. Another example is a firm that provides unique services for a specific client, that firm can issue an itemized statement to the client telling him of all the services rendered, their nature and the fee charged.