diff --git a/erpnext/stock/report/stock_balance/stock_balance.py b/erpnext/stock/report/stock_balance/stock_balance.py
index c4c67c4abaf..ed0c31c07d9 100644
--- a/erpnext/stock/report/stock_balance/stock_balance.py
+++ b/erpnext/stock/report/stock_balance/stock_balance.py
@@ -230,9 +230,18 @@ class StockBalanceReport:
 			.groupby(doctype.voucher_detail_no)
 		)
 
-		data = query.run(as_list=True)
-		if data:
-			self.stock_reco_voucher_wise_count = frappe._dict(data)
+		data = query.run(as_dict=True)
+		if not data:
+			return
+
+		for row in data:
+			if row.count != 1:
+				continue
+
+			current_qty = frappe.db.get_value(
+				"Stock Reconciliation Item", row.voucher_detail_no, "current_qty"
+			)
+			self.stock_reco_voucher_wise_count[row.voucher_detail_no] = current_qty
 
 	def prepare_new_data(self):
 		if self.filters.get("show_stock_ageing_data"):
@@ -312,7 +321,8 @@ class StockBalanceReport:
 		if entry.voucher_type == "Stock Reconciliation" and (
 			not entry.batch_no or entry.serial_no or entry.serial_and_batch_bundle
 		):
-			if entry.serial_no and self.stock_reco_voucher_wise_count.get(entry.voucher_detail_no, 0) == 1:
+			if entry.serial_no and entry.voucher_detail_no in self.stock_reco_voucher_wise_count:
+				qty_dict.opening_qty -= self.stock_reco_voucher_wise_count.get(entry.voucher_detail_no, 0)
 				qty_dict.bal_qty = 0.0
 				qty_diff = flt(entry.actual_qty)
 			else: