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Using TurboCASH

 







GENERAL LEDGER REPORTS
TRIAL BALANCE
  
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 for 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 the all the debit and credit balances of all the Accounts (Income, Expenses, Assets, Capital and Liabilities) contained in TurboCASH for a selected or as at a specified period. TurboCASH stores all your account balances for up to 2 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 or updated transactions to the ledger accounts.

TurboCASH provides the following useful features for the Trial Balance:
  • TurboCASH will automatically calculate the Net Profit / Loss (i.e. the Income - Expense Account types) and display it at the bottom of the trial balance.

     

  • TurboCASH will display the budget figures as comparative figures, provided that you have entered the budget figures in the menu option.


To generate a Trial Balance:
Right-click on the selected batch (journal) on the Batch Type Selection screen and select the Trial Balance option on the Context menu; or -
Click on the Reports - General Ledger - Trial Balance menu option or press the and keys on your keyboard. You may also press the and and and keys on your keyboard. The Trial Balance Options screen will be displayed.

Title bar. Close button - will exit or close this screen. Select, Screen, Printer, File, E-Mail or Fax. Copies - the number can only be selected if the Printer option is selected. Click to change the Printer and the Page Setup for Dot Matrix Printers. Click to generate the report. Click to close or exit this screen. Select Account Number, Account Description, Account Type or Account Reporting Group 1 or 2. Select to view all accounts, including those with zero balances. Select to view balances for all accounts, including sub-accounts. Select the start and end period. Select to display last year balances. If left blank this year balances will be displayed. Select to list the account balances in unposted batches (journals) as well as in posted batches. You may also select to generate the trail balance for unposted batches only. Select to list only the account balances in batches (journals) which are not yet posted to the ledger.
Select the following options:

Option Description
From If the cursor is in this field, the Periods search facility will be displayed. Select the start date from which you wish to include the balances.
To If the cursor is in this field, the Periods fast search facility will be displayed. Select the end date until which you wish to include the balances
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.
Include Zero Balances Do not tick this option if you wish to see only the balances of the accounts we have entered the 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.
Sequence You may select the selected accounts to be listed or displayed according to Account Number, Account Description, Account Type, Account Group 1 or 2 (Reporting Group 1 or 2.) The description of Account Group 1 or 2 you have entered on the Reporting Group Name field on the Account tab on the Setup - System Parameters - Groups menu option may be reflected in this drop down list.
Last Year Only If this field is selected, the trial balance will display the account balances for Last Year only for the selected periods.
Unposted Batches If this field is not selected, only the account balances of batches (journals) which have already been posted to the ledger, will be included.

If this field is selected, the trail balance will include or add the balances for the accounts in the unposted batches as well as the balances of the posted batches. This is a preview of the balances in the Set of Books before the batches are posted or updated to the ledger.
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 or updated to the ledger, will be listed. Any balances of accounts in posted batches will be excluded from the trail balance.


Click on the button to send the Trial Balance to the medium, you have selected in the Send Report To field.

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



Click on the button to include Opening Balances from the previous financial period or financial year. If you click on the button, the Trial Balance will list the value of your debit and credit transactions for the selected period.

When you click on the button for any report, which contains transactions, etc. TurboCASH will check for unposted items and display the number of unposted Batches and Documents. You may select to view the details of the unposted Batches and Documents. This is an important facility as these batches contain transactions, which will not be included in your reports.

The following Trial Balances may be generated at different stages in the accounting process:
  • 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.
  • Post-adjustment Trial Balance
The debit and credit balances are listed before after the final adjustments are made in the accounts and it normally includes all balances of capital, assets, liabilities, income and expense accounts.
  • 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 option. 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 are closed off at the end of a financial year and no balances are brought down to the new financial year.


The trial balance balances is proof of the arithmetic accuracy of the accounting records. Please note that the trial balance will not reveal all errors. Click here to read more on the errors not revealed by the Trial Balance.