Opening Balance

The figure shown on an account at the start of a period is called the 'opening balance'. The most common day-to-day use of this would be a monthly bank statement that provides the balance as at day one of the new period. In business, it can refer to any account on day one of its' accounting period, which can often align to the fiscal year (April 6 in the UK), although not always. Specific to UK tax returns, any opening balances always refer to the fiscal year and can include 'carried forward' items such as business losses and unused finance costs.