What is family balance, running balance, and account balance?
Family Balance is the total of the account balances of all the contacts in the family. When there are 2 or more children in the same family and each child has charges, the sum of the charges we are calling a family balance. For example, if Child 1 charges are $2, child 2 charges $3, and Child 3 charges are $1 then the family balance is $6
Running Balance is the balance on an account at the time of each transaction.
Account Balance is the current balance of one account and can be viewed from the Balances page.
For example, a payer’s account started on 7/1 with a $100 charge. So, on 7/1,
Running Balance = $100 and,
Account Balance = $100.
Now, they have made a payment of $50 on 7/2 and another charge of $100 is generated on 7/3.
On 7/3, they have an Account Balance of $150. However, each transaction row has a Running Balance as,
|
Date |
Type of Transaction |
Amount |
Running Balance |
|
7/1 |
Charge |
$100 |
$100 |
|
7/2 |
Payment |
- $50 |
$50 |
|
7/3 |
Charge |
$100 |
$150 |
Account Balance - $150
NOTE: Last Running Balance = Account Balance.
