Whether an individual or a professional, access to tools to monitor and manage one's income and expenses is essential.
From one's computer or smartphone, such tools allow to consult your banking transactions in a winckle, via Web Banking or mobile application.
Among them, there is a document called a bank statement or account statement, the purpose of which is to keep written record of all transactions.
What is an account statement? What information does it contain? How often is it sent? How long should you keep it for?
Find in this article all the necessary elements for proper reading and use.

The account statement and the e-account statement

A. The account statement

The account statement is a legal document which lists all the transactions carried out on a bank account for a given period. It allows follow up, while keeping a written record. The paper statement of account is generally sent free of charge by post once a month. This frequency may vary at your demand (per fortnight, per quarter, per year or per day) but this request may be billed by your establishment.

B. The e-statement

The e-statement is equivalent to the paper account statement. It has the same information and the same legal value. Its communication frequency is similar. The e-statement is presented in a dematerialized form, which means that it can be viewed, downloaded as a PDF file and printed from your customer space. It has the advantage of being practical, quick and less bulky than paper. Some customer spaces offer search functionalities, for example by date of publication or by account number. An email is generally sent to your personal email or by SMS to inform you of its availability in your customer space. To view or download it, you will need to authenticate. For security reasons, you will never directly receive your account statement electronically. In principle, an account statement must be kept for at least 5 years. This retention period is the same whether a paper or an electronic statement.

What does the account statement contain?

Your account statement shows your personal data and banking details (name, address, IBAN) as well as information relating to your credit or payment institution. The account statement lists all the banking transactions carried out on your account. We advise you to check it in detail to be able to react quickly in the event of an error or fraudulent transaction (fraudulent debit or erroneous transfer for example).

A. Cash receipts and expenses

This document contains all the information relating to cash receipts and expenses recorded on the account during a given period. These may include transfers, direct debits, bank card payments, money withdrawals, etc.

For each operation nature, amount and date of the transaction will be specified.

Regardless of the establishment where you have your account, the statement will include the same elements, namely:

• a “credit” column where cash receipts are mentioned, such as collection from a customer;
• a “debit” column where the sums taken are indicated. This could be, for example, a payment made to a supplier, the salary paid to an employee, etc.

These two columns allow you to calculate the monthly balance of your account, indicated at the bottom of the document. Important clarification: transactions issued at the end of the month may appear on the following month's statement. For example, in the case of a SEPA transfer, it is necessary to take into account the time between the moment the transfer is made and the moment the account is debited. Be careful, however, not to confuse SEPA transfer with Instant Payment, which takes less than 10 seconds.

B. Fees charged

The bank charges levied by your establishment are mentioned at the top or end of the statement. These may be account maintenance fees (generally monthly) or transaction fees. They are distinguished by a visual code such as a pictogram, an asterisk, a different size or font. If you have accounts in several establishments, these elements will always be indicated but the codes identifying them may change from one to another.

What are the steps to take to open an Olky Pro account?

The Olkypay payment institution is aimed at all professionals (self-employed, small businesses, large companies, associations) and emphasizes the simplicity and speed of procedures.

To open an Olky Pro account, you do not need to travel.

By going to https://iban-express.olkypay.com/configurateur, set up your account online 24/7 and receive your French or Luxembourgish IBAN in a few minutes.

For people who already have an Olky Pro account, you can find all your documents in your personal space by connecting to your Web Banking. The account statement will indicate in detail your transactions with your expenses, your cash receipts and your balance.

A monthly paper or digital tool essential for monitoring your professional activity!