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Difference between revisions of "Trial Balance"
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| − | [[File:Trial Balance Menu.png|center|thumb| | + | ==== Trial Balance Menu ==== |
| + | [[File:Trial Balance Menu.png|center|thumb|1150x1150px|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: | ||
| + | |||
| + | # '''Date Range''' - gives the user a set of date range on how they will view their Balance Sheet. | ||
| + | # '''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|Journal Vouchers]] 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. | ||
| + | # '''[[Account Code]]''' - reference number code for a specific accounting entry for transaction. | ||
| + | # '''Account Name''' - the account name corresponds to its account code. | ||
| + | # '''Previous Carryforward''' - Previous Balance to be carryforward for the current Period. | ||
| + | #* Balance with parenthesis () means that the balance will be deducted to the Balance for the Period. | ||
| + | # '''Balance Carryforward''' - Current Balance to be carry forward to the next Period. | ||
| + | # '''Total Debit''' - <span style="color: rgb(51, 51, 51)">the Total Debit on the specific Account Code.</span> | ||
| + | # '''Total Credit''' - the Total Credit on the specific Account Code. | ||
| + | # '''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) | ||
| + | # '''Closing''' - list of Balance before closing. | ||
| + | # '''Accumulated Balance''' - Overall balanced on the specific period. | ||
Revision as of 11:09, 4 February 2021
Trial Balance Menu
File:Trial Balance Menu.png
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:
- Date Range - gives the user a set of date range on how they will view their Balance Sheet.
- 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 Vouchers 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.
- Account Code - reference number code for a specific accounting entry for transaction.
- Account Name - the account name corresponds to its account code.
- Previous Carryforward - Previous Balance to be carryforward for the current Period.
- Balance with parenthesis () means that the balance will be deducted to the Balance for the Period.
- Balance Carryforward - Current Balance to be carry forward to the next Period.
- Total Debit - the Total Debit on the specific Account Code.
- Total Credit - the Total Credit on the specific Account Code.
- 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)
- Closing - list of Balance before closing.
- Accumulated Balance - Overall balanced on the specific period.