closing balance

Definition

The amount of receipts or liabilities in an account at the end of an accounting period which could be daily, weekly, monthly, or annually depending upon the context.

Use closing balance in a sentence

You should try to make sure that your closing balance has enough to cover the things you will need to get soon.

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To finish up their month end reporting, they needed to reconcile the closing balance on all of the accounts one by one.

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My boss asked our accountants to rush the closing balance in our books at the end of this quarter to him as soon as it was made available.

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