What it is:
An itemized statement is a detailed record of certain activity that has occurred in an account for a given period of time.
How it works (Example):
Monthly bank statements for common checking accounts often are itemized statements. They show each savings accounts, water bills, car , and invoices.and withdrawal in the account during a given month. Nearly every kind of account has an associated itemized statement, including things such as cable bills, student ,
Most itemized statements are electronic records, and the activity is in chronological order.
Why it Matters:
Itemized statements are important for understanding account activity, balancing an account, or reconciling activity. They are also important for IRS and law enforcement authorities may even look at itemized statements to identify tax evasion or improper activity.accounts, such as cards, because they help identify unusual and possibly fraudulent transactions. The