Knowing the elements that make up your bank statement is as important for your personal finances as it is for filing a proper tax return.

The bank statement is the summary that is generated when you make money movements such as bank transfers or debit and credit card payments; which helps the professional accountant to know all the expenses and money inflows made by the account holder in a given period of time, either months or a year.

At first sight it may seem a document without so much importance, being in fact a valuable report that, if you know how to read it properly, can improve the management of your expenses, your savings and other financial aspects.

Besides being a fundamental support when filing your tax return, it is very likely that your tax agent will ask you for this information in a format that can be interpreted by accounting systems used by accountants, in CSV format.

How to download a CSV statement from Bank of America? 

Here is a video below of how to download a CSV statement from the Bank Of America web portal:

To obtain the requested statement, you must follow the steps below:

Step 1. Enter your username and password.

Step 2. Select the correct account.

Step 3. Scroll down and select the download options.

Step 4. Click on “DOWNLOAD“.

Step 5. Select a “Custom date range” For example From: 01/01/2021 To: 12/31/2021 

Step 6. Next, select the “File Type” Make sure to choose “Microsoft Excel Format”.

Step 7. Finally, click on “Download Transactions” The file download should start at any time.

In general, a bank statement consists of the following parts:

Date the statement was issued

Name of the account holder

Account number of the account holder

Date of the transaction

Concept of the transaction

Value date of the transaction

Amount

Balance of the bank account

Date of issuance of the bank statement.

The most important aspects that you should check that are present and coincide in a bank statement and that reflect the movements made by the holder are:

The time period covered by the statement.

The initial balance must coincide with the final balance of the previous statement.

Review the total deposits made and the total amount.

Review the total withdrawals and the total amount.

Review total bank fees charged (withdrawals at other banks’ ATMs, maintenance, etc.).

How many check deposits were made, the total amount and that the bank has recorded them correctly.

Other outstanding transactions.

By reviewing in detail each of these points, a professional accountant can know the state of personal finances and know which expenses can be taken for deductions or tax credits and which expenses will not be taken into account at the time of making a correct tax return.

Remember that if you see an unusual movement reflected in your account statement, you should immediately contact your bank advisor, and notify your tax agent about the inconsistency found.

Visit other similar articles on our blog and learn how to manage your personal finances!

Do you need help for your tax return? Contact us, you can do it via Whatsapp, email [email protected] or phone call (+1) 786-5770191. Or if you want, you can contact us through our website (here)