BALANCE DUE Meaning and
Definition
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Balance due refers to the outstanding amount of money that is owed by a person or entity after taking into account all payments, credits, and debits related to a specific financial transaction or account. It represents the remaining sum that must be paid to settle an obligation.
In financial contexts, such as invoices, bills, or statements, the balance due is typically indicated as the final amount owed by a customer or debtor. It indicates the net total that remains unpaid after factoring in any prior payments, discounts, interest, fees, or charges. This figure reflects the current outstanding balance that needs to be settled by a specified due date.
The balance due may arise from various types of financial arrangements or transactions, including purchases on credit, loans, mortgages, rent, utility bills, or subscription fees. It serves as a crucial reference point for both the creditor and debtor. For the creditor, it represents the amount receivable, while for the debtor, it denotes the liability that must be discharged.
To avoid penalties or further consequences, it is important for individuals or businesses to promptly settle the balance due by the specified deadline. Failure to make the required payment may result in additional charges, interest accrual, or legal actions, depending on the terms and conditions agreed upon in the initial agreement or contract.
Common Misspellings for BALANCE DUE
- valance due
- nalance due
- halance due
- galance due
- bzlance due
- bslance due
- bwlance due
- bqlance due
- bakance due
- bapance due
- baoance due
- balznce due
- balsnce due
- balwnce due
- balqnce due
- balabce due
- balamce due
- balajce due
- balahce due
- balanxe due
Etymology of BALANCE DUE
The term "balance due" is a phrase commonly used in financial and accounting contexts to refer to the amount of money that remains unpaid or outstanding. It is made up of two distinct words with the following etymologies:
1. Balance: The word "balance" has its origin in the Latin term "bilancia", meaning "balance, pair of scales". It later evolved into the Old Italian word "bilancia" and the Middle French word "balance", both retaining the concept of scales. The word ultimately entered English in the 13th century with the meaning "an instrument for weighing".
2. Due: The term "due" originated from the Latin word "duere", which means "to owe" or "to be owed". It was later influenced by the Latin word "debere", meaning "to owe". As a result, "due" in English took on the meaning of "owed" or "owing".
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