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
Navigate to: Accounting > Reports > Journal > Summary
Choose Parameters
This section clarifies the parameters outlined in this report. For additional details that apply to all reports, please refer to the Common Report Features article.
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Calendar or Fiscal Determines whether balances are calculated using the Calendar year or the dealership’s Fiscal year.
- Beginning Account Enter the first account number to include in the Trial Balance.
- Ending Account Enter the last account number to include in the Trial Balance. ZZZZZZZ includes all accounts after the beginning account.
- Exclude 0 Balance Choose whether accounts with a zero balance are excluded from the Trial Balance.