balance

Definition:

1. The difference between the total credit entries and the total debit entries made in an account since it was last balanced. When credits are larger than debits there is a ‘credit balance’. When debits are larger than credits there is a ‘debit balance’. 2. To calculate the difference between the total debit entries made in an account since it was last balanced and the total credit entries made since then, and to make appropriate bookkeeping entries. See the entries for ‘balance off’ and ‘close off’.



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