How do you check an account balance?


Quick Answer

To check an account balance, select the appropriate account, and pull the relevant data, as noted by Intuit. Common accounts include banks accounts, account receivable, accounts payable, fixed asset accounts, credit card accounts and equity accounts.

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Full Answer

An account balance represents the total amount of funds available at any given time, as stated by the Houston Chronicle. To see the account balance, choose the desired account, and select the appropriate time frame. Business accounts are listed in the organization's general ledger. These accounts may be broken into type, such as asset or liability. Asset accounts represent ownership, whereas liability accounts include balances owed to creditors. In addition, equity accounts include investor balances and are also known as the net worth, as stated by Intuit.

An account balance can differ from an available balance, as noted by the Houston Chronicle. An available balance represents funds that can be accessed immediately. In the case of a bank account, a withdrawal exceeding this balance results in overdraft. Account balances are updated in real-time to reflect charges, fees, holds, pending transactions and cleared deposits. Moreover, they can be organized to show deposits, withdrawals, debits and credits. Online accounting software can manage balances; however, you should always put together a supplemental account reconciliation schedule.

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