Posted in Finance, Accounting and Economics Terms, Total Reads: 451
Definition: Descriptive Billing
Descriptive Billing is a credit card billing method. There are lot of details associated with credit card (and similar instruments) like merchant, amount, date, time and location. The descriptive billing is a method of statement which includes all these details sorted by date.
The actual receipts are not included as earlier in the country club method . This is compact but accurate.
Descriptive-billing are governed by Federal Reserve Board Regulation Z. As per the regulation Z if a credit card charge slip is not included in the bill, the credit card company must mention the amount and date of the transaction and a medium for brief identification of the property or services.
Source: Airplus, USA
In the above image the purchase date, name of service provider, unique purchase invoice id, price and currency, everything is clearly provided in one monthly statement.