Charge and discharge statement definition
/What is a Charge and Discharge Statement?
A charge and discharge statement summarizes the principal and income associated with an estate or account, as well as outflows. The outflows include administrative fees and expenses, plus payments of principal and interest to beneficiaries. A trustee uses this document to observe the inflows and outflows of cash related to an estate or account.
The accountant needs to provide sufficient information to users in regard to all significant transactions that have occurred during an accounting period. Generally, this means that all receipts and disbursements should be individually disclosed, though some jurisdictions will allow a more summarized presentation.