Unpaid

Meaning :

Unpaid is defined as money that is due and has not yet been settled. It  pertains to outstanding bills, fees, loans, or purchases that remain pending.

Example : 

For instance, if your ₹800 internet bill is still unpaid after the due date, it  signifies that the payment has not been made.

How to Understand : 

“Unpaid” serves as a reminder that there are financial obligations still owed.

The amount remains unpaid until it is cleared.

Unpaid amounts may result in:

•Penalties imposed for late payment.

•Late fees that increase the total amount owed.

•Service interruptions if payments are not made promptly.

Importance :

Tracking unpaid amounts helps manage your financial responsibilities effectively.

Awareness of unpaid bills prevents late fees and penalties from accruing.

Timely payments contribute to maintaining a healthy credit score.

It plays a significant role in personal budgeting and business accounting practices.