Balance

Definition

  • The amount of money in your account.

Synonyms
equality, left over, difference, profit, remainder, surplus, dividend, calculation

Acronyms
bal.

Related Terms and Acronyms

  • Accounts Payable (A/P, AP) Acronym,
    • Money owed by a business for goods and services received.
  • Accounts Receivable (AR, A/R) Acronym, Important,
    • Money owed to a business by purchasers of goods and/or services.
  • Adjusted Balance Definition,
    • A method used by some card issuers in which they subtract all payments made during the month, then add the finance charges.
  • Average Daily Balance (ADB) Acronym, Important,
    • This is the method by which most credit cards calculate your payment due. An average daily balance is determined by adding each day's balance and then dividing that total by the number of days in a billing cycle. The average daily balance is then multiplied by a card's monthly periodic rate, which is calculated by dividing the annual percentage rate by 12.
  • Balance of Payments (BOP)Acronym,
    • Balance Sheet (BS, B/S) Acronym,
      • A listing of a business' assets, liabilities and ownership equity as of a specific date.
    • Balance Transfer (BT) Acronym,
      • The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance transfer fees to discourage them from going out.
    • Balance Transfer Fee Definition,
      • Fee charged customers for transferring an outstanding balance from one card to another.
    • Joint Account (J/A) Acronym, Important,
      • A bank account owned by two or more persons who share equally in the rights and liabilities of the account.
    • Minimum Balance to Open an Account Definition,
      • The minimum initial deposit required to open a bank account.
    • Minimum Monthly Balance Definition,
      • The least amount of money in a bank account during an entire month.
    • Passbook Definition,
      • A book used to record all banking transactions for a designated account.
    • Premium Balances Definition,
      • A ledger kept by insurance companies recording insurance premiums.
    • Rests Definition,
      • The periodical balancing of an account for the purpose of converting interest into principal, and charging the party liable thereon with compound interest.
    • Retained Earnings Definition,
      • All of the profits or losses accumulated from prior years and from the present year's income statement, minus dividends paid to you.
    • Zero Balance Definition,
      • What shows on a credit card customer's bill when the outstanding balance has been paid and no new charges have been incurred during the billing cycle.
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