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.
8. Total Credit - the Total Credit on the 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.