Definition of balance of payments

The balance of payments is an accounting document in which are recorded the trading of services and capital movements carried out the residents of a country with respect to the rest of the world and for a stipulated time, usually a year. This document enables you to know in detail all the transactions that take place between residents and non-residents of the country in question.
To the different transactions that are recorded in the balance of payments brings them is in different sub scales depending on the character who have, in the meantime, the difference between a sub balance payments and revenues is designated as balance on the other hand, the final balance will be subject ultimately to the kind of change that applies in the country in question.
In a scenario of flotation clean balance-of-payments will be balanced, i.e. with balance to zero, but on the contrary, in the case of economies that have a fixed exchange rate the balance will be equivalent to the change in net reserves of the Central Bank.
The structure of it, both the guidelines for its preparation, are arranged in the fifth Manual of balances of payment from the International Monetary Fund (IMF). Account, capital account, finance and account of errors and omissions are four subdivisions of the balance-of-payment.