Trial Balance

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:

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 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.
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.
   • Balance with parenthesis () means that the balance will be deducted to the Balance for the 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.

Notes:

1. 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

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 - remarks before closing a Period.
3. 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

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.