Question 1

What is the difference between statement balance and current balance?

Accepted Answer

The statement balance is what you owed at the end of your last billing cycle, while the current balance is what you owe right now, including any new charges or payments since the statement date. Pay the statement balance by the due date to avoid interest; the current balance reflects real-time activity.

Question 2

What is a business line of credit?

Accepted Answer

A business line of credit provides flexible access to funds up to a limit. You only pay interest on what you use, can draw and repay repeatedly, and it's useful for managing cash flow fluctuations.

Question 3

What is the best format to convert bank statements?

Accepted Answer

Excel (XLSX) is most popular for analysis, CSV for universal compatibility, and JSON for programming and automation. The best format depends on your use case - accounting software, data analysis, or integration with other systems.

Question 4

Can I have multiple bank accounts?

Accepted Answer

Yes, you can have multiple accounts at different banks or multiple accounts at the same bank. This strategy helps with budgeting, separating savings, maximizing interest, and taking advantage of different bank features.

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Frequently Asked Questions

What is the difference between statement balance and current balance?

What is a business line of credit?

What is the best format to convert bank statements?

Can I have multiple bank accounts?

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