Trial Balance

Derek Torres
Derek Torres
  • Updated

Important Note: PartsLedger is now PartsManager. PartsManager retains all of the parts purchasing and warehouse management automation benefits of its predecessor. To read more about this exciting change, click here.

 

In PartsManager, formerly known as PartsLedger, the Trial Balance is a standard report in accounting systems that will display your ledger account balances according to the filters in place when viewing the page. You can find the Trial Balance by click Reports and then Trial Balance.

Important Note: The Trial Balance should always balance in total. If Accounting Period close processes have not been completed, there is a possibility that your Trial Balance doesn't balance when activity spans across multiple accounting periods.

PL Trial Balance.png

Data

The data represented in the Trial Balance should be viewed either from the start of the fiscal year or within the same fiscal year. When you view data across a fiscal year close date, the Trial Balance may not balance since the closing of a fiscal year converts the current period income into retained earnings.

The data for each ledger account balance will be displayed according to the Type below:

  • Income statement account (Type: Revenue and Expense) balances will reflect transactions starting from the beginning of the appropriate Accounting Year. Example: if you have a June 30th Accounting Period year close and are viewing a 3-month Trial Balance from Jan-Mar, the data in the Trial Balance for Income Statement Accounts will pull the balance for July 1st through to each month end (Jan through Mar) of that accounting year.
  • Balance sheet accounts (Type: Asset, Liability, and Equity) will pull cumulatively from the start of time until the end date. Example: if you have a June 30th Accounting Period year close and are viewing a 3 month Trial Balance from Jan-Mar, the data in the Trial Balance for Balance Sheet Accounts will pull the balance from the start of time through to each month end (Jan through Mar).

Filters

You can adjust the results you see in your Trial Balance with the following actions:

  • System Date Picker - Data in the table will display according to the date in the upper right corner (system date picker) to display across your other selected filters according to that date. Example: if you select December 31st, 2022, with 3 Months as your filters, your Trial Balance would have an October, November, and December column with data up until December 31st, 2022).
  • System Location Picker - Updating the System Location Picker will filter the balances to be displayed for the Location selected in the picker and display the balance as the consolidated balance for any children locations.
  • Journal Status - You can control what types of Journal Entries (All, Posted, or Draft) are used to determine this Balance.
  • Type - Determine the time segmentation for the columns to be in Months or Years (remember the System Date will impact which months or years based on the system date being the end date)
  • Number of Months/Years - Set the number of months or years to pull data from. The most recent date is always set by the system date.
    • Note: you can only run 12 months at a time, and you should only run a Trial Balance in one Fiscal Year at a time.
    • Note: The Yearly filter will align with the fiscal years set in the Accounting Periods section for displaying data. For example, if you have a July 1st through June 30th fiscal year, when viewing the Yearly Trial Balance with March 30th in the System Date, data will be displayed for the fiscal year from July 1st through March 30th.
  • Currency Selector - Pick the currency you wish to view this report.
  • Consolidated Toggle - Toggle ON and OFF to direct if data is consolidated or not for your Trial Balance. i.e. Toggled ON will mean balance includes Child Entity balances.
  • Show Budgets - Set this to true to see Budgets entered for the Ledger Account under Financial > Budget, and compare Actual vs. Budgets.

Additional Actions

Quickly search for a Ledger Account Number or a Ledger Account Name (or partial name) to pull up corresponding Ledger Accounts:

PL_Search.png

You can click to drill into each ledger account balance to see the breakdown per currency:

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