About the Trial Balance Report
Description

A trial balance report is like a check-up for a company's financial records, listing all account balances at a certain time to see if they add up correctly. It helps find mistakes by making sure the total money going out equals the total money coming in. If everything matches, it's a good sign the company's books are in order; if not, there's an error that needs fixing before making official financial statements.

Cause
Resolution
Why is it important?

The Trial Balance report gives you a view of all ledger accounts. This includes all Balance Sheet and Profit and Loss accounts together in one report. It's also important for forecasting and analysis.

For example: you may run a report of this year’s balances and one of last year’s balances. You can to compare costs, expenses, and income. This data is critical for budgeting. It helps you make important financial decisions about your business.

What's on the report

The Trial Balance report shows a snapshot of the balances of each nominal ledger account at a point in time. It includes cumulative totals of the debits and credits posted to each account.

Drill down balances

If you see balances you want to investigate, you can drill down on the balances to see details.

Select any underlined balance to see what makes it up. If you select:

  • An amount which spans many accounts or months. The Nominal Activity Summary report opens for you to review the balances
  • A single account for a month. The Nominal Activity Detailed report opens for you. Review the transactions made to the account

To return to the original report, close the open report (or reports) or select Back in your browser.

Profits from previous years

The Trial Balance report shows all ledger accounts and includes a year-to-date column. Use it to compare balances from year to year.

Select the checkbox next to Summarise profit and loss values. You can view a breakdown of the 3100 nominal code. 

 

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Steps to duplicate
Related Solutions

Run and analyse the Trial Balance report