BALANCE FORWARD ACCOUNTING is where you maintain a list of charges and payments for each account. To find out the balance at any point in time, you add the charges, add the payments, and then subtract total payments from total charges. A billing statement is sent out every month with any balance carried forward from the previous statement
NOT SUFFICIENT FUNDS (NSF) CHECK is a bank check written against an inadequate balance. Also called insufficient-funds check and, informally, a bounced check.
COLLATERALIZE is to pledge property as security (collateral) for a debt.
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