What Is the Opening Balance on a Bank Statement?

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It is the first entry in the accounts, either when a company is first starting up its accounts or after a year-end. In an operating firm, the ending balance at the end of one month or year becomes the opening balance for the beginning of the next month or accounting year. The opening balance may be on the credit or debit side of the ledger.

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Maya Lin-Takahashi

Maya Lin-Takahashi

Maya is a hardware enthusiast who tests and reviews smart home devices, smartphones, wearables, and audio gear. She focuses on practical consumer value and build quality.

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