The balance report is incorrect
First, read the guide on how to check opening balances here.
Usually, the balance report is updated automatically. This means that the closing balance of year 1 automatically becomes the opening balance for year 2 and so on. Sometimes this doesn’t happen automatically. We’re more than happy to help you adjust this if that’s the case.
Please contact email@example.com and we’ll update the balances so that they are correct.