What does Balance mean?

The amount available in a bank account at any time for withdrawal or use is known as the balance. This total is computed by summing up all credited or cleared deposits, and deducing all service charges, debits, and withdrawals. The amount owed on a credit card account or credit line is basically the balance of that account.

In the bookkeeping world, balance stands for the difference between the debit and credit sides of a specific bank account.