What does balance mean in money?
In banking and accounting, the balance is the amount of money owed (or due) on an account. In bookkeeping, “balance” is the difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period.
What does balance refer to?
Balance refers to an individuals ability to maintain their line of gravity within their Base of support (BOS). It can also be described as the ability to maintain equilibrium, where equilibrium can be defined as any condition in which all acting forces are cancelled by each other resulting in a stable balanced system.
What is total balance?
Your Total Balance is the total amount held in your account. Your Available Balance might be higher or lower than your Total Balance, as it accounts for pending transactions in your bank accounts that have not yet cleared.