Each month Credicorp issues a statement to your company covering all activity on your facility during the preceding period. Understanding the statement helps you reconcile it against your own accounts and spot any discrepancies quickly.
Key sections on every statement
- Opening balance: The principal and accrued charges outstanding at the start of the statement period.
- Draws: Any funds disbursed to your company during the period, shown by date and amount.
- Repayments received: Direct debit collections or manual payments received, shown by date.
- Finance charges: The total cost of finance accrued during the period. On a Flex facility this is calculated daily; on a term loan it is the interest element within your fixed instalment.
- Closing balance: The outstanding amount at the end of the statement period, which is what your company owes as at that date.
How to reconcile your statement
The opening balance plus any draws, minus repayments received, plus finance charges should equal the closing balance. If there is a discrepancy, check first whether a repayment was received on the first or last day of the period — timing around period boundaries is the most common cause of apparent differences. If you cannot reconcile after checking, raise a query through the portal and include the specific line reference.
Statements and your accounts
For Companies House and HMRC purposes, the finance-charge line on your statement supports your company's interest expense deduction claim. Your accountant may want annual summaries of total finance charges paid; these can be requested through the portal at any time. Statements are issued in PDF format and retained in the portal for at least six years.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee required as standard. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: How do Credicorp loan repayments work?, What is Credicorp Flex and how does it accrue?.