oboloo Glossary

Debit Balance Accounts

oboloo Glossary

Debit Balance Accounts

Debit balance accounts are businesses’ way of keeping a record of their transactions, specifically those that take money out of the company. They are usually the result of invoices, payments and other debts that have been unpaid or unpursued. This can mean that a company’s actual debt is higher than it appears at first glance. Keeping an eye on debit balance accounts is critical for staying solvent and in control of your financial picture. By monitoring these accounts and ensuring that all debts are handled in a timely manner, companies can ensure better financial outcomes and improved bottom lines.