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lina2011 [118]
3 years ago
14

How to calculate for opening bank balance​

Business
1 answer:
nignag [31]3 years ago
5 0

Answer:

The opening balance is the amount of money that is available in the bank at the beginning of each financial period, such as the start of each month or each year. It is the amount brought forward and first figure entered in the account at the beginning of each period. When the amount is newly opened, the opening balance is the first amount entered in the account

Therefore, the opening balance is the difference between the closing balance and the deposit less the withdrawals within a period

Closing Balance = The Opening Balance + Total Income - Total Expense

Therefore;

<em>The Opening Balance = Closing Balance - Total Income + Total Expense</em>

Explanation:

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