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Difference between revisions of "Trial Balance"
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− | == Trial Balance == | + | ==Trial Balance== |
====Trial Balance Menu==== | ====Trial Balance Menu==== | ||
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#'''Balance Carryforward''' - Current Balance to be carry forward to the next 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 Debit''' - <span style="color: rgb(51, 51, 51)">the Total Debit on the specific Account Code.</span> | ||
+ | #*Clicking on the Amount link will redirect you to the set of reference on that specific [[Account Code]]. | ||
#'''Total Credit''' - the Total Credit on the specific Account Code. | #'''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]]. | ||
#'''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) | #'''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. | #'''Closing''' - list of Balance before closing. | ||
#'''Accumulated Balance''' - Overall balanced on the specific period. | #'''Accumulated Balance''' - Overall balanced on the specific period. | ||
− | ==== Closing Period Menu ==== | + | Notes: |
+ | |||
+ | # For detailed Instructions on how to closed a period, Export Records and how to view the reference codes. The user can visit the Trial Balance Aids which can be found [[Trial Balance Aids|here]]. | ||
+ | |||
+ | ====Closing Period Menu==== | ||
[[File:Closing of Period Menu.png|center|thumb|646x646px|Closing of Period Menu]] | [[File:Closing of Period Menu.png|center|thumb|646x646px|Closing of Period Menu]] | ||
Closing of Period Terms under Trial Balance Menu | Closing of Period Terms under Trial Balance Menu | ||
− | # '''Closing Period''' - The set of period to be closed. | + | #'''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. | + | #*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. | + | #*For year-end closing, the closing period will be indicated from January to December. |
− | # '''Notes''' - remarks before closing a Period. | + | #'''Notes''' - remarks before closing a Period. |
− | # '''Closing Account''' - the account to be close in the period. | + | #'''Closing Account''' - the account to be close in the period. |
[[File:Closing of Period Breakdown.png|center|thumb|528x528px|Closing of Period Breakdown]] | [[File:Closing of Period Breakdown.png|center|thumb|528x528px|Closing of Period Breakdown]] | ||
Closing of Period Breakdown Terms under Closing Period Menu | Closing of Period Breakdown Terms under Closing Period Menu | ||
− | # '''Voucher No'''. - the reference number to be assigned once the Period has been closed. | + | #'''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. | + | #*The [[Journal Voucher]] will be auto generated once period has been closed. |
− | # '''Transaction Date''' - The assigned month to be closed. | + | #'''Transaction Date''' - The assigned month to be closed. |
− | #* For year-end closing, the Transaction date will be the last Day of the year. | + | #*For year-end closing, the Transaction date will be the last Day of the year. |
− | # '''Reference''' - the reference of the date of book closing for the month. | + | #'''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 | + | #*For year-end closing, the reference will be Year end closing for the designated year |
− | # '''Notes''' - any remarks for the closing Period. | + | #'''Notes''' - any remarks for the closing Period. |
− | # '''Account''' - Set of Accounts under [[Income Statement]] Entries. | + | #'''Account''' - Set of Accounts under [[Income Statement]] Entries. |
− | #* Set of Accounts can be seen in [[Chart of Account]] Maintenance Module. | + | #*Set of Accounts can be seen in [[Chart of Account]] Maintenance Module. |
− | # '''Description''' - Description for the specific Accounts. | + | #'''Description''' - Description for the specific Accounts. |
− | # '''Debit''' - Set of amounts under Debit Accounts. | + | #'''Debit''' - Set of amounts under Debit Accounts. |
− | # '''Credit''' - Set of Amounts under Credit Accounts. | + | #'''Credit''' - Set of Amounts under Credit Accounts. |
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Revision as of 12:10, 4 February 2021
Trial Balance
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.
- Clicking on the Amount link will redirect you to the set of reference on that specific Account Code.
- 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.
- 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.
Notes:
- For detailed Instructions on how to closed a period, Export Records and how to view the reference codes. The user can visit the Trial Balance Aids which can be found here.
Closing Period Menu
File:Closing of Period Menu.png
Closing of Period Menu
Closing of Period Terms under Trial Balance Menu
- 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.
- Notes - remarks before closing a Period.
- Closing Account - the account to be close in the period.
File:Closing of Period Breakdown.png
Closing of Period Breakdown
Closing of Period Breakdown Terms under Closing Period Menu
- 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.
- Transaction Date - The assigned month to be closed.
- For year-end closing, the Transaction date will be the last Day of the year.
- 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
- Notes - any remarks for the closing Period.
- Account - Set of Accounts under Income Statement Entries.
- Set of Accounts can be seen in Chart of Account Maintenance Module.
- Description - Description for the specific Accounts.
- Debit - Set of amounts under Debit Accounts.
- Credit - Set of Amounts under Credit Accounts.