What is an opening entry?
submitted by Andi

Uriah

It's the first entry you make when you start a new accounting period. It shows how much money and stuff you have at the beginning.

smellums

An opening entry is the first journal entry recorded at the start of a new accounting period. It sets up the opening balances for all accounts, and shows the closing balances from the previous period. It's like a summary of what happened in the previous month.