Eröffnungssaldo
Eröffnungssaldo is a financial term used primarily in banking and accounting to refer to the initial balance of an account at the beginning of a financial period. This balance is essential for tracking the financial status of an account and serves as the starting point for recording transactions during the period.
The opening balance typically includes the closing balance from the previous period, adjusted for any corrections
In accounting practices, the eröffnungssaldo is crucial for preparing financial statements, such as the balance sheet
The term is commonly used in German-speaking countries and is equivalent to the concept of "opening balance"
Properly establishing and reconciling the eröffnungssaldo at the start of each period is a fundamental step