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WordNet-Online
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Definitions from the WebBalance ConfirmationDefinition: Balance confirmation is a process where a company verifies and reconciles the accuracy of its financial records with those of its customers or suppliers. Part of speech: Noun Sense 1: The act of confirming the accuracy of a company's financial records. Example sentence 1: The auditor requested balance confirmation from all the company's clients to ensure the accuracy of the financial statements. Example sentence 2: The accounts payable department sent out balance confirmation requests to all vendors to validate the outstanding balances. Sense 2: A written document issued by a company to confirm the balance owing or due. Example sentence 1: The customer received a balance confirmation letter from the supplier, stating the amount outstanding and the payment deadline. Example sentence 2: The bank provided a balance confirmation statement to the borrower, detailing the amount of loan remaining and the monthly payment schedule. Sense 3: Proof of financial stability and reliability required by financial institutions or potential partners. Example sentence 1: The small business had to provide balance confirmation to the bank in order to secure a loan for expanding operations. Example sentence 2: The potential investor demanded balance confirmation from the startup before considering making a substantial investment. Related products on Amazon: | ||||
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