Discussion

Difference between revisions of "Trial Balance"

Line 6: Line 6:
 
====Trial Balance Menu====
 
====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).
 
[[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).
 +
{| class="wikitable"
 +
|+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.
  
−
Trial Balance Menu Terms on Oojeema Prime System:
+
*Closing of Period will be done monthly. The [https://docs.oojeema.com/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.
 +
|-
 +
|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'''
 +
|<span class="ve-pasteProtect" style="color: rgb(51, 51, 51)" data-ve-attributes="{&quot;style&quot;:&quot;color: rgb(51, 51, 51)&quot;}">the Total Debit on the specific Account Code.</span>
  
−
#'''Date Range''' - gives the user a set of date range on how they will view their Balance Sheet.
+
*Clicking on the Amount link will redirect you to the set of reference on that specific [https://docs.oojeema.com/Account_Code Account Code].
−
#'''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.
+
|8. '''Total Credit'''
−
#*Upon Year-end Closing, All monthly periods on that year will be posted.
+
|the Total Credit on the specific Account Code.
−
#*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>
 
−
#*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.
 
  
 +
*Clicking on the Amount link will redirect you to the set of reference on that specific [https://docs.oojeema.com/Account_Code 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:
 
Notes:
  
Line 33: Line 58:
 
====Closing Period Menu====
 
====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
+
<br />
 +
{| class="wikitable"
 +
|+Closing of Period Terms under Trial Balance Menu
 +
! style="width:15%;" |Field
 +
!Description
 +
|-
 +
| style="width:15%;" |1. '''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.
+
| style="width:15%;" |2. '''Notes'''
−
#'''Closing Account''' - the account to be close in the period.
+
|remarks before closing a Period.
 +
|-
 +
| style="width:15%;" |3. '''Closing Account'''
 +
|the account to be close in the period.
 +
|}
 +
<br />[[File:Closing of Period Breakdown.png|center|thumb|528x528px|Closing of Period Breakdown]]
 +
<br />
 +
{| class="wikitable"
 +
|+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.
  
−
[[File:Closing of Period Breakdown.png|center|thumb|528x528px|Closing of Period Breakdown]]
+
* The [[Journal Voucher]] will be auto generated once period has been closed.
−
Closing of Period Breakdown Terms under Closing Period Menu
+
|-
 +
|2. '''Transaction Date'''
 +
|The assigned month to be closed.
  
−
#'''Voucher No'''. - the reference number to be assigned once the Period has been closed.
+
*For year-end closing, the Transaction date will be the last Day of the year.
−
#*The [[Journal Voucher]] will be auto generated once period has been closed.
+
|-
−
#'''Transaction Date''' - The assigned month to be closed.
+
|3. '''Reference'''
−
#*For year-end closing, the Transaction date will be the last Day of the year.
+
|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
 
−
#'''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.
 
  
 +
*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.
 +
|}
 
{| class="wikitable" style="box-sizing: inherit; border-collapse: collapse; border-spacing: 0px; background-color: rgb(248, 249, 250); font-size: 14px; color: rgb(34, 34, 34); margin: 1em 0px; border: 1px solid rgb(162, 169, 177); font-family: &quot;Open Sans&quot;, Roboto, arial, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"
 
{| class="wikitable" style="box-sizing: inherit; border-collapse: collapse; border-spacing: 0px; background-color: rgb(248, 249, 250); font-size: 14px; color: rgb(34, 34, 34); margin: 1em 0px; border: 1px solid rgb(162, 169, 177); font-family: &quot;Open Sans&quot;, Roboto, arial, sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"
 
! colspan="2" style="background-color:rgb(234, 236, 240);text-align:center;" |'''Modules'''
 
! colspan="2" style="background-color:rgb(234, 236, 240);text-align:center;" |'''Modules'''

Revision as of 13:38, 19 March 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:
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 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.
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:

  • 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
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 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
Field Description
1. Voucher No the reference number to be assigned once the 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.
6. Description Description for the specific Accounts.
7. Debit Set of amounts under Debit Accounts.
8. Credit Set of Amounts under Credit Accounts.
Modules
Financials Journal Voucher
Maintenance Maintenance | Account Code | Chart of Account
Reports Module (Reports)
Reports Financial Statement
Financial Statements Balance Sheet | Income Statement | General Ledger | General Journal | Trial Balance | Statement of Account | Accounts Receivable Aging | AR Detailed Report | AR Transaction Report Accounts Payable Aging | AP Detailed Report | AP Transaction Report | Cash Position | Check List | Deposit List | Collection Register
Job Aid Modules
Financials Aids Journal Voucher Aids
Maintenance Aids Account Codes Aids | Chart of Accounts Aids
Reports Aid
Financial Statements Balance Sheet Aids | Income Statement Aids | General Ledger Aids | General Journal Aids | Trial Balance Aids | Statement of Account Aids | Accounts Receivable Aging Aids | AR Detailed Report Aids | AR Transaction Report Aids | Accounts Payable Aging Aids | AP Detailed Report Aids | AP Transaction Report Aids | Cash Position Aids | Check List Aids | Deposit List Aids | Collection Register Aids
Retrieved from "https://docs.oojeema.com/index.php?title=Trial_Balance&oldid=3349"