Question: What is the difference between Previous and Stamped Statements?
Previous Statements: A formal reconciled statement with an opening and closing balance according to your statements cycle.
Stamped Statements: A statement with an official bank stamp. The transactions are listed from the date of request, and date back 3 or 6 months.
Question: What are the different statements typically used for?
Previous Statements:
1.Record keeping (available up to 2 years online)
2.Statutory purposes
-Tax submission
-Auditing of financial statements
-Proof of transaction when there is a dispute (incl legal dispute)
- Input into financial statements (contains all cleared outstanding card authorisations; and cheques)
Stamped Statements:
- To provide to a third party:
-As proof of income
-When applying for an account
- Check balance
- Check if someone has paid you before releasing goods
- Payment reconciliation
- Input into financial statements