You'll
use these two reports together to double- check key financial
totals:
(1) On the trial balance, the ending balance
is should equal the beginning balance plus the month's activity.
(2) The current balance for each account on
the Trial Balance should equal the debits - credits as shown on the
Detailed G/L.
1. Trial Balance is printed for one or all periods. You're
able to review balances for a single accounting period which
is especially helpful when closing the month. To print for all
periods, choose the Year-to-date Trial Balance which provides
your entire fiscal year at a glance.
2. The trial balance can be printed for one profit center
at a time, or all profit centers to show consolidated results
for the entire company. A profit center allows you to track
separate divisions, offices, or client groups within your shop
all in the same database. You're able to print financial reports
for each profit center separately or all profit centers together.
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3.
Accounts are subtotaled by customizable classes and subclasses.
Every G/L account will belong to a class (assets, liabilities,
equity, etc.).
4. Account 999998 is the suspense account. A transaction
that isn't able to post correctly due to an incorrect G/L account
number posts to the Suspense account which keeps you in balance.
But any balance in Suspense must be investigated. Then a correcting
journal entry is made to move the amount to the right account.
5. Account 999999 is the accumulated Earnings Year-to-date
account. No transaction is directly posted to this account.
It is the balance of Income accounts minus Job Cost and Expense
accounts for the current year.
6. Every G/L account prints on a Trial Balance showing
three amounts&emdash;Beginning Balance, Current and Ending Balance.
7. Total Assets, Liabilities & Equity: All zeros
means you are in balance. Any balance must be investigated.
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8. The
Detailed General Ledger (Expanded) report shows all transactions
posted into the G/L. You'll use the Detailed G/L (Expanded) to
review transaction details, and debits and credits, for each account.
9. Transaction details appear, such as reference number,
date, and description. When expanded, it also prints job, client,
and vendor numbers.
10. You'll use the reference number to look up the transaction
where it was added, such as in A/R, A/P, or the Checkbook.
11. You'll use the job number to find the job that the
transaction was added for, and review that cost there.
12. You'll use the vendor number to find the vendor that
the transaction was added for, and review that cost in the vendor's
ledger or in A/P.
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