Glossary
Opening balance
Definition
The account balance at the start of the statement period, also called beginning, previous or brought-forward balance.
The opening balance should equal the closing balance of the previous statement. Labels vary: 'Beginning balance' in the US, 'Balance brought forward' in the UK, 'Solde précédent' in France.
It's the starting point for reconciling the statement.
Related terms
- Closing balance
The account balance at the end of the statement period, also called ending, new or carried-forward balance.
- Bank reconciliation
Comparing your records with the bank statement to make sure balances agree and every transaction is accounted for.
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