What does overdue balance mean?
The “Balance Due” that appears on the Statement of Accounts refer to the total amount that is currently outstanding for the client, while the “Overdue Balance” refers to the balance that has not been paid within the specified grace period..
What does overdue payment mean?
Overdue definitions An overdue bill. … The definition of overdue is happening late, or past the payment deadline. An example of something overdue is the arrival of a train that is running late. An example of something overdue is a credit card bill that was due a month ago.
What is an outstanding item?
Outstanding items is a standard term in business. It can mean (supplier) the goods not yet sent or (client) the bills not yet paid.
Do you add or subtract outstanding checks?
When a check is written it takes a few days to clear. Most businesses have a number of outstanding checks at the end of the month. Outstanding Checks should be subtracted from the bank side of the reconciliation because they were subtracted from the book balance when the checks were written.
What does outstanding status mean?
An outstanding check is a check payment that is written by someone, but has not been cashed or deposited by the payee. … An outstanding check also refers to a check that has been presented to the bank but is still in the bank’s check-clearing cycle. An outstanding check represents a liability for the payor.