arrears – Recurrent

What Does “Arrears Balance” Mean And What You Should Do About It

June 19, 2023 August 26, 2022 by Ryan Sheehy

Bills stacked on top of one another with "Balance Overdue" written on the topmost letter.

The term arrears is used in accounting and finance to mean late or behind. The term balance in the same field means that when you add up everything that is the final result. Therefore, combining both terms with arrears balance means what is still outstanding on your account and needs to be paid. You will …

What Does 1+, 2+, 3+, 4+, 5+ Arrears Mean?

August 9, 2021 by Ryan Sheehy

I received a statement in the mail recently, which showed I had an unpaid invoice that was now “in arrears“. What on earth did that mean? The term arrears is a popular accounting term which simply means that payment is overdue. Typically, an invoice is issued with a due date on it, and once that …