opening balance
Initial account figure
Opening balance is the amount in an account at the start of a period—a fiscal year, billing cycle, or reporting interval.
It becomes the starting point from which all subsequent transactions are calculated: The opening balance was $5,000, and after deposits and withdrawals, we ended at $4,200.
The opening balance of one period equals the closing balance of the previous one.
- fresh startOpportunity to restart unburdened
- starting pointPlace of commencement
- ledgerFinancial record book
- chart of accountsCategorized ledger structure
- debitSubtraction from account
credit · account · bookkeeping · assets · liabilities · equity · reconciliation · carry forward · fiscal year · accounting period · statement · journal entry · double entry · spreadsheet · beginning · surplus · deficit · net worth