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3 years ago

What does credit opening balance mean

2 answers:

6 0

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.

avanturin [10]3 years ago

3 0

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

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2 years ago

What does credit opening balance mean​

What does credit opening balance mean