Monthly Statement
Automated and manual emails can include a monthly statement that lists all open transactions and total outstanding balance for a customer's account.
This monthly statement is often used for month end reconciliations and may include open invoices for the next month, if new invoices have already posted, which can make the reconciliation process more difficult.
End of Month Statement
The End of Month Statement will only include open transactions through the last day of the previous month and will not include invoices for the new month that have been posted, providing an easier reconciliation process and statement for customers.
For example:
-
Month end processing is not finalized until the 10th of the following month, including customer invoices
-
Customer statements are not emailed or available until after month end processing is complete or until the 11th of the month
-
Invoices for the new month have already started processing but will not be included in the End of Month Statement