Old Reports -> General Ledger -> Trial Balance

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Bug - Budgets

1.Tools → Old Reports → General Ledger → Trial Balance - Budget figures does not print.

2.Tools → Old Reports → General Ledger → Income Statement - Budget figures does not print.

3.Tools → Old Reports → User Report - Budget figures does not print.

4.Tools → Old Reports → General Ledger → Budget Performance - Budget figures for the year includes an extra month's budget figure. For example, it the total budget figure is entered as 120000 (10000 x12), the total is displayed as 130000 (13 periods) instead of 120000 (12 periods). The budget report on the T-Account Viewer is displayed correctly.

A Trial Balance is a simple list of the debit and credit account balances in the general ledger. A Trial Balance can be generated at any time, once the transactions are posted to the ledger accounts. It checks the arithmetic accuracy of the double entry accounting system as at a specific date. The total of all the debit balances must be equal to the total of credit balances.

The Trial Balance will list all the debit and credit balances of all the Accounts (Income, Expenses, Assets, Capital and Liabilities) contained in TurboCASH for a selected period, or as at a specified period. TurboCASH stores all your account balances for up to two financial years. You may at any time generate a trial balance for any accounting period for the current (This Year) and the previous financial year (Last Year), provided that you have posted (updated) transactions to the ledger accounts.

TurboCASH provides the following useful features for the Trial Balance:

It will automatically calculate the Net Profit / Loss (i.e. the Income - Expense Account types) and display it at the bottom of the trial balance.

It will display the budget figures as comparative figures, provided that you have entered the budget figures in the Edit → Accounts menu.

The Trial Balance are also displayed in the T-Account-Analyser.  

Print Trial Balances

To Generate a Trial Balance:

1.Click on the Tools  → Old Reports → General Ledger → Trial Balance menu.

Ctrl + T

You may also right-click on the selected batch (journal) on the Batch Type Selection screen and select the Trial Balance option on the Context menu.

The Trial Balance Options screen is displayed:

2.Send Report to - Select the output method (screen, printer, file, e-mail or fax).

3.Select the following options:

a)From ... To - Select the start and end periods from which and until when you wish to include the balances.

b)Show Sub-Accounts - Tick this option to view the balances of your sub-accounts. If this option is not ticked, no sub-accounts will be displayed, and a summary of the net values for the main account will be displayed.

c)Opening balance only - Select, if you only wish to view opening balances of the accounts. If this field is left blank, all balances will be listed.

The description of Account Group 1 or 2 you have entered on the Reporting Group Name field on the Account Groups tab on the Setup → System parameters → Groups menu, may be reflected in this list.

d)Include Zero Balances - Do not tick this option, if you wish to see only the balances of the accounts entered as opening balances or transactions. If this option is ticked, all accounts listed in your chart of accounts will be displayed and balances will only be displayed for those accounts with transactions.

e)Last Year Only - If this field is selected, the trial balance will display the account balances for Last Year only for the selected periods.

f)Unposted Batches - If this field is not selected, only the account balances of batches (journals) and documents which have already been posted to the ledger will be included.

If this field is selected (ticked), the trial balance will include or add the balances for the accounts in the unposted batches and documents, as well as the balances of the posted batches and documents. This is a preview of the balances in the Set of Books, before the batches are posted (updated) to the ledger.

g)Unposted only - This field will only be displayed or activated, if the Unposted Batches field is selected. If the unposted only field is selected, only the balances of accounts in the batches which have not yet been posted (updated) to the ledger, will be listed. Any balances of accounts in posted batches will be excluded from the trial balance.

4.Click on the OK button to send the Trial Balance to the medium selected in the Send Report to field.

Include Opening Balances

1.TurboCASH will ask you to confirm whether you would like to include opening balances.

2.Click on the Yes button to include Opening Balances from the previous financial period or financial year. If you click on the No button, the Trial Balance will list the value of your debit and credit transactions for the selected period.

If the Trial Balance does not display correctly or in the required sequence:

1.Click on the Setup → System parameters → Groups menu. The Groups (Account Group 1) screen will be displayed.

2.Check that all your Account Groups are added. Select the group from the list and click on the Move up and / or Move down buttons to set the sequence of your groups.

3.Repeat for Account Group 2, if necessary.

4.Click on the OK button to save and close the Groups screen.

5.Click on the Setup → System parameters → Financial Categories menu and check that all groups are correctly linked to the Income, Expenses, Assets, Capital and Liabilities Financial Categories.  

6.Close or exit the Financial Categories screen and generate the Trial Balance.

Types of Trial Balances

The following Trial Balances may be generated at different stages in the accounting process:

1.Pre-adjustment Trial Balance - The debit and credit balances are listed, before any adjustments are made in the accounts, and it normally includes all balances of capital, assets, liabilities, income and expense accounts for any selected accounting period. For example, you may generate this Trial Balance, after all your normal transactions in batches and documents have been updated and posted to the ledger. This may include any correction of errors on a general journal to correct any incorrect posted transactions.

2.Post-adjustment Trial Balance - The debit and credit balances are listed, after the final adjustments are made in the accounts, and it normally includes all balances of capital, assets, liabilities, income and expense accounts.

3.Final Trial Balance - The debit and credit balances are listed, after the final closing entries are done, when you have completed the Year-end process on the Tools → Global Processes → Do-Year End menu. This trial balance will not include income and expense accounts, but only the calculated net profit or loss in the Retained Earnings Ledger Account. All nominal accounts (income and expense accounts) are closed off at the end of a financial year, and no balances are brought down to the new financial year.

View Trial Balance

The following is an example of a trial balance generated for the current financial year (This Year):

Trial Balance Including Opening Items is included in the heading, if the Unposted Batches field is selected (ticked) on the Trial Balance Options screen.

The trial balance consists of four (4) sections in eight (8) columns as follows:

1.Account Number and Description - The first column lists the Account code or Account number, and the second column displays the account name or description. If an account is created as an Income or Expense account in the Edit → Accounts menu, an asterisk (*) will be displayed between the account number and account description. You may change the sequence in which these accounts are listed.

2.This Year - The third column - lists the debit account balances and the fourth column lists the credit balances. If you have selected the Last Year Only option, This Year heading will be displayed as Last Year, and the balances will be listed for the previous financial year (Last Year). If you have closed a financial year, and you have not yet posted any batches (journals), or have not updated any documents to the ledger in the new financial year (This Year), no balances will be listed for the income / expense account types. The balances for the balance sheet account types, would then be the same for both financial years.

3.Budget - The fifth column lists the debit account balances, and the sixth column lists the credit balances. Debit balances (usually for expense accounts) and Credit balances (usually for income accounts), are listed for those accounts for which budget figures have been entered in the Edit → Accounts menu.

4.Last Year - The seventh column lists the debit account balances, and the eigth column lists the credit balances, if the financial year is closed in the Tools → Global Processes → Do-Year End menu, or if any transactions in batches and / or documents have been posted to Last Year.

At the bottom of each This Year, Budget and Last Year the Net Profit figure will be displayed. This figure is displayed if the Income Account balances are more than the Expense Account balances. Should the Expense Account balances exceed the Income Account balances, the Net Profit description will be displayed as Net Loss.

Individual Debtor Account balances are summarised, and a total of all the Debtor Account balances are displayed in the Debtors Control Account in the trial balance. To view a list of the individual Debtor Account balances, you need to generate a Debtor Age Analysis report.

Individual Creditor Account balances are summarised, and a total of all the Creditor Account balances are displayed in the Creditors Control Account in the trial balance. To view a list of the individual Creditor Account balances, you need to generate a Creditor Age Analysis report.

Should the trial balance not be in balance, a difference will be displayed. This means that some of your data may have become corrupted. You need to do a Data Re-index (Rebuild Database). If the differences or corruption is still not fixed, you need to Restore the Set of Books from a previous backup.

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