A countryÂ’s international transactions over a specific time period, usually a quarter or a year. It tabulates the inflows and outflows of goods, services, and investment flows for a country. Balance of payment includes 1) a current account, which primarily measures the flow of goods and services and earnings on investments; 2) a capital account, which measures capital transfers, the transfer of fixed assets, and inheritance taxes; and 3) a financial account, which records transfer of financial capital and non-financial capital such as U.S.-owned assets abroad, foreign-owned assets in the United States, and the purchase and sale of non-produced assets such as patents, trademarks, copyrights, franchises, and leases.