Closing Balance
Closing balance is the amount of money in an account at the end of a statement period after all posted transactions. It reflects the account's ending position for that cycle.
The closing balance becomes the opening balance for the next statement period. It is often used for reconciliation and reporting.
Related Terms
Opening Balance
Opening balance is the amount of money in an account at the start of a statement period. It serves a...
Balance
A balance is the amount of money in a bank account at any given time. Banks typically report both th...
Bank Statement
A bank statement is a document issued by a financial institution that summarizes all transactions in...
Reconciliation
Reconciliation is the process of comparing two sets of records to ensure they match - typically comp...
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