diff --git a/gnucash/gnome/assistant-hierarchy.c b/gnucash/gnome/assistant-hierarchy.c
index 40160221df..6d39f37ad3 100644
--- a/gnucash/gnome/assistant-hierarchy.c
+++ b/gnucash/gnome/assistant-hierarchy.c
@@ -1408,7 +1408,8 @@ starting_balance_helper (Account *account, hierarchy_data *data)
     balance = get_final_balance (data->balance_hash, account);
     if (gnc_reverse_balance(account))
         balance = gnc_numeric_neg(balance);
-    if (!gnc_numeric_zero_p (balance))
+    if (!gnc_numeric_zero_p (balance) &&
+        gnc_commodity_is_currency (xaccAccountGetCommodity (account)))
         gnc_account_create_opening_balance (account, balance, gnc_time (NULL),
                                             gnc_get_current_book ());
 }
diff --git a/libgnucash/app-utils/gnc-ui-util.c b/libgnucash/app-utils/gnc-ui-util.c
index 0a90aafd62..f03183d0d6 100644
--- a/libgnucash/app-utils/gnc-ui-util.c
+++ b/libgnucash/app-utils/gnc-ui-util.c
@@ -975,6 +975,7 @@ gnc_find_or_create_equity_account (Account *root,
     g_return_val_if_fail (equity_type < NUM_EQUITY_TYPES, NULL);
     g_return_val_if_fail (currency != NULL, NULL);
     g_return_val_if_fail (root != NULL, NULL);
+    g_return_val_if_fail (gnc_commodity_is_currency(currency), NULL);
 
     use_eq_op_feature = equity_type == EQUITY_OPENING_BALANCE && gnc_using_equity_type_opening_balance_account (gnc_get_current_book ());
 
@@ -1077,16 +1078,19 @@ gnc_account_create_opening_balance (Account *account,
     Account *equity_account;
     Transaction *trans;
     Split *split;
+    gnc_commodity *commodity;
 
     if (gnc_numeric_zero_p (balance))
         return TRUE;
 
     g_return_val_if_fail (account != NULL, FALSE);
+    commodity = xaccAccountGetCommodity (account);
+    g_return_val_if_fail (gnc_commodity_is_currency (commodity), FALSE);
 
     equity_account =
         gnc_find_or_create_equity_account (gnc_account_get_root(account),
                                            EQUITY_OPENING_BALANCE,
-                                           xaccAccountGetCommodity (account));
+                                           commodity);
     if (!equity_account)
         return FALSE;