Trial Balance

Financial Statement | Trial Balance | Income Statement

Trial Balance

Trial Balance Menu

Trial Balance refers to an overview of balances of the Chart of accounts(Debit and Credit) in a given period(Monthly and Yearly)

Trial Balance Menu Terms on Oojeema Prime System:

Field	Description
1. Date Range	gives the user a set of date range on how they will view their Balance Sheet.
2. Close Period	Refers to a process to verify and adjust the balances of account to produce reports regarding company's financial position on that given period. Closing of Period will be done monthly. The Journal Voucher created for the monthly period can still be adjusted. Upon Year-end Closing, All monthly periods on that year will be posted. Upon Year-end Closing, You cannot cancel any monthly periods on that year.
3. Account Code	reference number code for a specific accounting entry for transaction.
4. Account Name	the account name corresponds to its account code.
5. Previous Carryforward	Previous Balance to be carryforward for the current Period.
6. Balance Carryforward	Current Balance to be carry forward to the next Period.
7. Total Debit	the Total Debit on the specific Account Code. Clicking on the Amount link will redirect you to the set of reference on that specific Account Code.
8. Total Credit	the Total Credit on the specific Account Code. Clicking on the Amount link will redirect you to the set of reference on that specific Account Code.
9. Balance for the Period	Current Balance for this current Period(Base from the Total Credit, Total Debit, and Carry forwards on the Trial Balance Sheet)
10. Closing	list of Balance before closing
11. Accumulated Balance	Overall balanced on the specific period.

Exporting Trial Balance Records

1. Click Reports under Main Menu
2. Under Reports page, click Trial Balance under Financial Statements section
3. Under Trial Balance, click the Export Button on the right side. Take note that the user can filter the date for precise exportation of records.

Viewing Debit in Trial Balance Records

1. Click Reports under Main Menu
2. Under Reports page, click Trial Balance under Financial Statements section
3. Under Trial Balance, click the amount links under Total Debit column to check the records corresponding to the specific records on a given date.
4. Under Detailed Debit View, the user may click on the reference link under Reference Column to view a specific record.

Exporting Debit Details in Trial Balance Records

1. Click Reports under Main Menu
2. Under Reports page, click Trial Balance under Financial Statements section
3. Under Trial Balance, click the amount links under Total Debit column to check the records corresponding to the specific records on a given date.
4. Under Detailed Debit Details, Click Export

Viewing Credit in Trial Balance Records

1. Click Reports under Main Menu
2. Under Reports page, click Trial Balance under Financial Statements section
3. Under Trial Balance, click the amount links under Total Credit column to check the records corresponding to the specific records on a given date.
4. Under Detailed Credit View, the user may click on the reference link under Reference Column to view a specific record.

Exporting Credit in Trial Balance Records

1. Click Reports under Main Menu
2. Under Reports page, click Trial Balance under Financial Statements section
3. Under Trial Balance, click the amount links under Total Credit column to check the records corresponding to the specific records on a given date.
4. Under Detailed Credit View, Click Export

Closing Period Menu

Closing of Period Terms under Trial Balance Menu

Field	Description
1. Closing Period	The set of period to be closed. If the user reaches the end of a Period (December on the case of Calendar), a modal will pop up right after the user clicks the Confirm button for the Month of December.  The Modal will display the Closing Period of January to December with a Closing Account of Retained Earnings. For year-end closing, the closing period will be indicated from January to December.
2. Notes	Any Remarks before closing a Period.
3. Closing Account	The account to be close in the period.

Closing Period Breakdown

Closing of Period Breakdown Terms under Closing Period Menu

Field	Description
1. Voucher No	the reference number to be assigned once the Period has been closed. The Journal Voucher will be auto generated once period has been closed.
2. Transaction Date	The assigned month to be closed. For year-end closing, the Transaction date will be the last Day of the year.
3. Reference	the reference of the date of book closing for the month. For year-end closing, the reference will be Year end closing for the designated year
4. Notes	any remarks for the closing Period.
5. Account	Set of Accounts under Income Statement Entries. Set of Accounts can be seen in Chart of Account Maintenance Module.
6. Description	Description for the specific Accounts.
7. Debit	Set of amounts under Debit Accounts.
8. Credit	Set of Amounts under Credit Accounts.

Closing a Period(Monthly)

1. Click Reports under Main Menu
2. Under Reports Page, Click Trial Balance under Financial Statement Reports
3. Under Trial Balance, Click Close Period on the upper right corner of the screen.
4. Add notes for additional information then click Save
5. Double Check the Statements then click confirm to complete the process
6. There will be a confirmation prompt that the process is already saved. If click yes, it would automatically redirect you to Journal Voucher Menu to view the auto generated Journal Voucher.

Closing a Period(Yearly)

Notes:

• If the user reaches the end of a Period (December on the case of Calendar), a modal will pop up right after the user clicks the Confirm button for the Month of December.  The Modal will display the Closing Period of January to December with a Closing Account of Retained Earnings

1. Add notes if needed
2. Click Save
3. Double Check the Statements then click confirm to complete the process
4. There will be a confirmation prompt that the process is already saved. If click yes, it would automatically redirect you to Journal Voucher Menu to view the auto generated Journal Voucher.

Notes:

• Upon Year-end Closing, All monthly periods on that year will be posted.
• Upon Year-end Closing, You cannot cancel any monthly periods on that year