closing balance

USAGE SUMMARY

The phrase "closing balance" is correct and usable in written English.
It is typically used in financial contexts to refer to the amount of money remaining in an account at the end of a specific period. Example: "At the end of the month, the closing balance of the account was $5,000."

✓ Grammatically correct

Formal & Business

News & Media

Science

Human-verified examples from authoritative sources

Exact Expressions

5 human-written examples

The law requires statements to contain the sum borrowed, plus the opening and closing balance.

The Guardian - Business

The Consumer Credit Act requires such statements to contain the sum borrowed, plus the opening and closing balance.

The Guardian - Business

Getting nowhere in her battle to get her closing balance, she says she was forced to call the firm's executive office who were finally able to refund her the £430.

The Guardian - Money

After Northern Rock was nationalised in 2008 at the start of the financial crisis, the Consumer Credit Act, which covers unsecured loans under £25,000,  was changed to ensure that borrowers were  informed of three figures in loan statements — the original sum borrowed, the opening balance and the closing balance.

Independent

The estimate of the adjustments made for net working capital and cash earnings was slightly positive for Nokia, and we currently expect the total transaction price to be slightly higher than the earlier-announced transaction price of EUR 5.44 billion after the final adjustments are made based on the verified closing balance sheet.

TechCrunch

Human-verified similar examples from authoritative sources

Similar Expressions

55 human-written examples

This is possible because donors allow the closing balances on the 'pooled' funds to be rolled over to the following year.

BMC Health Services Research

This could, again, lead to inefficient and irrational use of funds, as there is pressure on managers to either spend or forfeit their closing balances.

BMC Health Services Research

Mostly used for adjustments and opening and closing balances.

WikiHow

Those judgments might deserve a closer balance.

The New York Times - Books

Revenues and expenditures are usually in close balance.

Encyclopedia Britannica

Peter Stothard, editor of the TLS, said: "I was pleased to see there was a closer balance at the TLS.

The Guardian - Books

Expert writing Tips

Best practice

When using "closing balance" in financial reports, ensure it aligns with the accounting period being reported. Provide context by including the opening balance and any transactions that occurred during the period.

Common error

Avoid using "closing balance" when you actually mean average balance. The closing balance is a snapshot at a specific point in time, while the average balance reflects the typical balance over a period.

Linguistic Context

The phrase "closing balance" functions as a noun phrase, typically used as a subject or object in a sentence. It refers to the amount of money or assets remaining at the end of a specific accounting period. Ludwig indicates that this phrase is correctly used in written English.

Expression frequency: Rare

Frequent in

Formal & Business

40%

News & Media

40%

Science

20%

Less common in

Wiki

0%

Encyclopedias

0%

Reference

0%

Ludwig's WRAP-UP

The phrase "closing balance" is a grammatically correct noun phrase that refers to the final amount in an account or financial statement at the end of a specific period. According to Ludwig, the phrase is correct and usable in written English. Its usage is primarily found in formal and business contexts, as well as in news and media reports and scientific publications. While semantically related to terms like ""final balance"" and "ending balance", it's crucial to distinguish it from similar concepts such as average balance. Common questions revolve around its usage in sentences and its interchangeability with related phrases. While relatively infrequent, "closing balance" remains a standard term in financial discussions, making it essential to understand its specific meaning and appropriate usage.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

final balance

Focuses on the termination aspect, indicating the balance at the end of a period.

ending balance

Emphasizes the balance at the end of an accounting period.

account balance at close

Specifies that the balance is related to an account and is determined at closing time.

balance at period end

Highlights that the balance is calculated at the conclusion of a specific period.

terminal balance

Indicates the final or ultimate balance.

balance after reconciliation

Focuses on the balance post-reconciliation process.

adjusted final balance

Highlights that some adjustments were made to determine the final balance.

outstanding balance at cutoff

Specifies the balance that remains unpaid at a specific cutoff date.

balance sheet close

Implies the balance at the closing of the balance sheet.

year-end balance

Denotes the balance at the end of the fiscal year.

FAQs

How to use "closing balance" in a sentence?

You can use "closing balance" to refer to the amount of money remaining in an account at the end of a specific period. For example: "The statement showed a "final balance" of $1,000 at the end of the month."

What can I say instead of "closing balance"?

You can use alternatives like ""final balance"", "ending balance", or "balance at period end depending on the context".

Which is correct, "closing balance" or "ending balance"?

"Closing balance" and "ending balance" are both correct and often interchangeable. The choice depends on the specific context and preference, though "closing balance" is more specifically associated with formal accounting reports.

What's the difference between "closing balance" and "opening balance"?

The "closing balance" is the balance at the end of a period, while the "opening balance" is the balance at the beginning of that period. The closing balance of one period becomes the opening balance of the next.