What is Opening Balance Equity and How to Fix It?
Sep 6th, 2022 at 08:45 Services Chicago 228 views Reference: 2082Free
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Opening balance equity is an account created by accounting software to offset opening balance transactions. Opening Balance Equity accounts show up under the equity section of a balance sheet along with the other equity accounts like retained earnings. This article will describe what opening balance equity is, why it exists, and how to close it out so that your balance sheets are presentable to banks, auditors, and even potential investors.
