What is The Full Form of BF in Banking?

The full form of BF in Banking is Balance Forward. The balance forward displays the total of the prior amount, such as if a client owes money for past-due bills or unpaid invoices from a specific period. To get the total amount owed, add it to the customer’s current balance. Depending on when the consumer last made a payment, the balance forward may also consider nonpayment from the prior fiscal year.

What is a Balance Forward Statement?

A balance forward statement is a single page or document that displays all payment transactions that occurred during a certain period. The prior balance will be shown at the top of this statement to demonstrate how the future balance was calculated. However, because it only covers a specific period, this statement may not accurately reflect a customer’s current balance.

How Does a Balance Forward Statement Help Customers?

Customers have a clear view of their current balance, which includes all transactions up to the statement date. All transactions throughout the time are listed, providing a full account activity summary. Customers can better plan and budget for future costs by viewing their balance and any subsequent transactions.