Your average balance is the average amount of money you hold in your account on a 365-day basis, minus the withdrawals and deposits made. Your average balance is fundamental data to check the status of your finances. Having an intermediate value instead of relying on the beginning and ending balances allows you to have a more reliable point of reference to verify a person's funds in a certain period.
Your FINOM business account is a payment account, therefore you have the ability to check your average balance from your FINOM dashboard. In this article, we will explain how.
From your main dashboard, click on the “Export & statement” in the top right in the “Money” section.
Once you are in the “Export & Statement” page, you will find the box with the average balance in the top right. The average balances will be calculated for each wallet by year and the documents will be listed in the section from the newest.
Please note: this block won't be empty because, even for the current year, you can download the average balance. The end date would then be listed as the download date.
Also, important to note: the average balance will be generated counting from the year you have opened the account, even if at that time your balance was at 0.
To start the download, click on the “Average balance + year”. If you have only one wallet during the selected year - the PDF will be downloaded. Otherwise, if you have more than one wallet, a Zip-archive will be generated and downloaded.
The average balance is significant also to check if you’ll need to pay stamp duty on your bank account. Stamp duty is a fee that you’ll need to pay if your average balance is above 5.000€. Please check our dedicated article to find out more.