About the Trial Balance

Why is it important?

The Trial Balance report is important because it gives you a view of all ledger accounts. This includes all Balance Sheet and Profit and Loss accounts together in one report. It's also important for forecasting and analysis. For example, you may run a report of this year’s balances and one of last year’s balances to compare costs, expenses, and income. This data is critical for budgeting and to help you make important financial decisions about your business.

What's on the report

The Trial Balance report shows a snapshot of the balances of each nominal ledger account at a point in time. It includes cumulative totals of the debits and credits posted to each account.

Drill down balances

If you see balances you want to investigate, you can drill down on the balances to see details.

Select any underlined balance to see what makes it up. If you drill down on:

• An amount which spans many accounts or months, the Nominal Activity Summary report opens for you to review the balances.

• A single account for a month the Nominal Activity Detailed report opens for you to review the transactions made to the account.

To return to the original report, close the open report (or reports) or select Back in your browser.

Profits from previous years

The Trial Balance report shows all ledger accounts and includes a year-to-date column. Use it to compare balances from year to year.