The Trial Balance Report provides a detailed listing of all general ledger accounts with their balances for a specified date range. It includes beginning balances, current month activity, month-to-date (MTD), year-to-date (YTD), and unit/forecast details. This report is designed to ensure that total debits equal total credits, supporting accurate financial reporting and reconciliation. It serves as a key checkpoint before preparing financial statements.
Running the Trial Balance Report
When to Use It:
- Month-End and Year-End Close: Essential for verifying that the ledger is balanced before generating financial statements.
- Audit Preparation: Used to provide auditors with a complete view of account balances and activity for the selected period.
- Error Detection: Helps identify discrepancies or misposted entries that could cause imbalances in the ledger.
- Financial Analysis: Helpful in reviewing account balances and trends to support decision-making and reporting.
- Compliance Checks: Ensures adherence to accounting standards by verifying that all accounts are appropriately reconciled.
Who Uses the Trial Balance Report, How Often, and Why
Running the Trial Balance Report
Navigate to: Accounting > Reports > Trial Balance
- Select your company name using the dropdown in the Companies field.
- Choose the appropriate option from the dropdown in the Calendar or Fiscal.
- Select one of the following from the Sort by field.
- Standard: Runs the report in GL account order.
- Reporting Account: Requires you to select your financial OEM type. The report will run in OEM reporting account order. (Recommended for Financial Statement comparisons)
- Account Type: Runs the report in Account Type order (e.g., Assets, Fixed, etc.).
- Select one of the following from the Report Type field.
- Summary: Produces the balances and unit counts for each account.
- Detail: Shows the details of the accounts that make up each balance and unit count.
Note that you have the option to Export either Report type.