What does credit opening balance mean

Question

Business

Jessie Diaz

28 February, 10:57

What does credit opening balance mean

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Answers (2)

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Karina Acevedo · Answer 1

Opening balance is the amount of funds in a company's account at the beginning of a new financial period. It's the first entry in the accounts and in this case a credit opening balance would be the first entry that is on the credit side of the ledger

Leland Friedman · Answer 2

Definition: The opening balance is the balance that is brought forward from the end of one accounting period to the beginning of a new accounting period. The opening balance can be found on the credit or debit side of the ledger, depending on whether or not the firm has a positive or negative balance.