The Trial Balance Report provides a summary of all financial transactions for a specific date and compares it with information from the beginning of the fiscal year. It displays three important pieces of information: the Opening Balance, the Transaction Net and the Closing Balance. The Opening Balance is the sum of the Total Revenue plus all Taxes minus all Payments, from the beginning of the fiscal year up to the day prior to running the Trial Balance report. You will need to choose a date on which to run the Trial Balance: for that selected date, the report will show a summary of all revenue broken down by charge type, all tax and also a summary of all payments recorded for that date, thus giving what we call a Transaction Net. The Transaction Net will then be summed up to the Opening Balance, thus giving what we call the Closing Balance, which is the resulting balance for the hotel for the beginning of the fiscal year. Remember that you will need to manually select the starting date of your Fiscal Year, by choosing the report filters!
Note that the Opening Balance should always be identical to the previous date’s Closing Balance.
In the reports list, click on the link Trail Balance Report:
Select your filters and click on the blue button Run Report. Be careful to choose the correct starting date for your Fiscal Year:
Here is an example of this report:
Fields Legend
Opening Balance: Total Revenue plus Taxes, minus Payments from the Fiscal Year Start until the day before the Run For Date.
Revenue and Taxes: displays a breakdown of Total Revenue, broken down by revenue and applicable taxes.
Payments: shows the total payments recorded for the selected date and it breaks information down by payment types. Transaction net: the day’s Net Transactions (Total Revenue plus Total Taxes minus Total Payments). Closing Balance: Opening Balance plus Transaction Net.
Trial Balance With Range Report
The Trial Balance With Range Report provides a summary of all financial transaction for a selected date range. This report is the same as the Trial Balance, but it offers a date range, rather than a single date (Run for Date).