what is opening and closing balance definition
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Quite simply, the opening balance of an account is the amount of money, negative or positive, in the account at the start of the accounting period. ... Your closing balance is the positive or negative amount remaining in an account at the conclusion of an accounting period.
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The debit or credit balance of a ledger account in the Chart of Accounts at the end of an accounting period or year-end is called closing balance. This closing balance becomes the opening balance for the next accounting period
Explanation: The opening balance is the balance that is brought forward at the beginning of an accounting period from the end of a previous accounting period or when starting out
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