The Trial Balance is a financial report that displays all the accounts in the general ledger along with their balances during a specific time period. It includes assets, liabilities, equity, expenses, and revenues. This report is an essential step in the accounting process for preparing financial statements, such as the balance sheet, as it ensures that the debit and credit columns are balanced and provides a summary of the financial status.
ℹ️ Periodic Preparation: Typically prepared at the end of a financial period but can also be generated monthly or quarterly to detect errors and review transactions, ensuring the accuracy of accounts.
Accessing the Trial Balance Report
Go to: Reports > Financial > Trial Balance.
Select the desired time period.
Customize Data Levels: Choose the desired account level to display using the designated dropdown menu.
For a condensed view, select the option to show only final accounts that do not branch further.
Data Displayed in the Report
Account Name: The corresponding details are displayed next to it.
Details Displayed:
Opening Balance: Debit and Credit.
Movement: Debit and Credit.
Closing Balance: Debit and Credit.
At the end of the report, total debit and credit balances are displayed, which should match for accuracy.
Exporting the Trial Balance
Click Export.
Choose the desired file format:
PDF: Ensure the destination is set to Save as PDF, then click Save.
Excel: The file will be downloaded to your device.
FAQs
1. What if the Trial Balance Report is not balanced?
If the report is not balanced, this indicates errors in recording accounting transactions. Steps to resolve:
Review all journal entries for the period.
Check for incorrect values, missing transactions, or duplicate entries.
2. What is the purpose of the "Filter" option next to the date field?
Use the Filter option to narrow down results by Cost Centers:
Click Filter.
Select the desired cost center.
Click Apply. Results will be displayed based on the selected cost center.