Definition, Meaning & Synonyms
balance-an-account
Phrase
/ˈbæl.əns ən əˈkaʊnt/
Definition
To ensure that the total debits and credits in an account are equal, often conducted to confirm the accuracy of transactions.
Examples
- After reviewing the transactions, I will balance the account to ensure all entries are correct.
- Every month, the accountant takes time to balance the accounts for each department.
- It’s important to balance your accounts before submitting your financial report.
Meaning
The process of verifying the alignment of financial data in an account, usually involving calculations to check if the totals match.
Synonyms
- Reconcile an account
- Verify account
- Audit financial record
