diff --git a/erpnext/accounts/report/balance_sheet/balance_sheet.py b/erpnext/accounts/report/balance_sheet/balance_sheet.py
index 23fa762fbc..d2626cddc1 100644
--- a/erpnext/accounts/report/balance_sheet/balance_sheet.py
+++ b/erpnext/accounts/report/balance_sheet/balance_sheet.py
@@ -70,7 +70,7 @@ def check_opening_balance(asset, liability, equity):
 	if liability:
 		opening_balance -= flt(liability[0].get("opening_balance", 0))
 	if equity:
-		opening_balance -= flt(asset[0].get("opening_balance", 0))
+		opening_balance -= flt(equity[0].get("opening_balance", 0))
 
 	if opening_balance:
 		return _("Previous Financial Year is not closed")
@@ -101,4 +101,4 @@ def get_chart_data(columns, asset, liability, equity):
 			'x': 'x',
 			'columns': columns
 		}
-	}
\ No newline at end of file
+	}