Trial Balance

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The trial balance report type is a financial accounting worksheet used to ensure a correct balance for the debits and credits of all general ledger accounts.

Benefits:

  • Error detection: The main purpose of a trial balance is to help identify errors in the accounting system. Because the total debits and credits must balance, any errors will cause the trial balance to be out of balance. This helps accountants identify and fix mistakes before they cause problems with the financial statements.

  • Preparation of financial statements: The trial balance is used as a starting point for the preparation of financial statements, such as the income statement and balance sheet. By ensuring that the trial balance is balanced, accountants can be confident that their financial statements are accurate.

  • Improved financial accuracy: By using a trial balance, accountants can help to ensure that their company's financial records are accurate and up-to-date. This is important for a variety of reasons, such as complying with tax regulations and making sound business decisions.

Trial Balance

This refers to the classic trial balance format.

Key metrics at a glance:

  • Debit: This column shows the total debits for each account. A debit typically represents an increase in an asset or expense account or a decrease in a liability or equity account.

  • Credit: This column shows the total credits for each account. A credit typically represents a decrease in an asset or expense account or an increase in a liability or equity account.

Mapping and Filtering

Selection Page:

  • Company

  • Fiscal Year

  • Fiscal period

  • Ledger

  • Ledger Type

  • Currency

  • Mapped Dimension 1

  • Mapped Dimension 2

  • Mapped Dimension 3

Trial Balance - Version 2

Version 2 of the trial balance report type refers to a trial balance with Beginning Balance and Ending Balance columns, as well as columns for the Period to Date for debit and Period to Date credit.

Key metrics at a glance:

  • Beginning Balance: Shows the balance of the account at the beginning of the accounting period for which the trial balance is prepared.

  • Ptd Debit: Shows the total debits posted to the account for the period. A debit typically represents an increase in an asset or expense account or a decrease in a liability or equity account

  • Ptd Credit: Shows the total credits posted to the account for the period. A credit typically represents a decrease in an asset or expense account or an increase in a liability or equity account.

  • Ending Balance: This column is calculated by adding the beginning balance to the debits and subtracting the credits. It represents the balance of the account at the end of the accounting period.

Mapping and Filtering

Selection Page:

  • Company

  • Fiscal Year

  • Fiscal period

  • Ledger

  • Ledger Type

  • Currency

  • Mapped Dimension 1

  • Mapped Dimension 2

  • Mapped Dimension 3