I am quite confused about the average balance calculation.
If my bank account shows something like the following,
April 22 nd , 2017 – May 22 nd , 2017: $ 120 (closing balance on May 22 nd , 2017)
March 22 nd , 2017 – April 22 nd , 2017 : $ 120 (closing balance on April 22 nd , 2017)
February 22 nd , 2017 – March 22 nd , 2017: $ 40 (closing balance on March 22 nd , 2017)
January 22 nd , 2017 – February 22 nd , 2017: $ 30 (closing balance on February 22 nd , 2017)
December 22 nd , 2016 – January 22 nd , 2017: $ 30 (closing balance on January 22nd, 2017)
November 22 nd , 2016 – December 22 nd , 2016: $ 10 (closing balance on December 22nd, 2016)
How do I calculate the average balance for each month?. Currently, I have taken the closing balance on May 22nd, 2017 as the average balance for the period of April 22nd, 2017 - May 22nd, 2017. Do I need to consider the balance after each transaction and find the average of all these in that period?
How about the 6 month average balance?. Is it the average of month end balance for 6 months?
Please Help..
Thank You
If my bank account shows something like the following,
April 22 nd , 2017 – May 22 nd , 2017: $ 120 (closing balance on May 22 nd , 2017)
March 22 nd , 2017 – April 22 nd , 2017 : $ 120 (closing balance on April 22 nd , 2017)
February 22 nd , 2017 – March 22 nd , 2017: $ 40 (closing balance on March 22 nd , 2017)
January 22 nd , 2017 – February 22 nd , 2017: $ 30 (closing balance on February 22 nd , 2017)
December 22 nd , 2016 – January 22 nd , 2017: $ 30 (closing balance on January 22nd, 2017)
November 22 nd , 2016 – December 22 nd , 2016: $ 10 (closing balance on December 22nd, 2016)
How do I calculate the average balance for each month?. Currently, I have taken the closing balance on May 22nd, 2017 as the average balance for the period of April 22nd, 2017 - May 22nd, 2017. Do I need to consider the balance after each transaction and find the average of all these in that period?
How about the 6 month average balance?. Is it the average of month end balance for 6 months?
Please Help..
Thank You