Glossary
Closing balance
Definition
The account balance at the end of the statement period, also called ending, new or carried-forward balance.
Closing balance = opening balance + credits − debits for deposit accounts. For credit cards the convention is reversed: new balance = previous balance + purchases − payments.
If the extracted transactions don't produce the printed closing balance, something is missing or misread.
Related terms
- Opening balance
The account balance at the start of the statement period, also called beginning, previous or brought-forward balance.
- Running balance
The balance printed after each transaction (or each day) on a statement.
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