Meaning of the word "balance the books" in English

What does "balance the books" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

balance the books

US /ˈbæl.əns ðə bʊks/
UK /ˈbæl.əns ðə bʊks/
"balance the books" picture

Idiom

to make sure that the amount of money spent is not more than the amount of money received

Example:
The company needs to balance the books by the end of the fiscal year.
It's always a challenge to balance the books when expenses are high.