closing balance meaning
noun [C, usually sing.]
the balance shown in an account at the end of an accounting period ⇨ OPENING BALANCE
The debit or credit balance on a ledger at the end of an accounting period, which will appear on the balance sheet at that date and will be carried forward to the next accounting period. A debit closing balance (such as an accrual) will be carried forward to the credit side of a ledger and a credit closing balance (such as a prepayment) will be carried forward to the debit side of a ledger.
- More: Next
- closing balance account
- It details opening and closing balances for transacted items as well.
- And we've got to bring that back into closer balance ."
- The Gilded Age was marked by close balances in the House, with the parties alternating control.
- That close balance, nationwide and in Missouri, led directly to the notion that this final meeting could be decisive.