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You'll use these two reports
together to double- check key financial totals:
(1) On the trial balance, the ending
balance is should equal the beginning balance plus the
month's activity.
(2) The current balance for each
account on the Trial Balance should equal the debits -
credits as shown on the Detailed G/L.
1. Trial Balance is printed for one or all periods.
You're able to review balances for a single accounting
period which is especially helpful when closing the month.
To print for all periods, choose the Year-to-date Trial
Balance which provides your entire fiscal year at a
glance.
2. The trial balance can be printed for one profit
center at a time, or all profit centers to show consolidated
results for the entire company. A profit center allows you
to track separate divisions, offices, or client groups
within your shop all in the same database. You're able to
print financial reports for each profit center separately or
all profit centers together.
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3. Accounts are subtotaled
by customizable classes and subclasses. Every G/L account
will belong to a class (assets, liabilities, equity,
etc.).
4. Account 999998 is the suspense account. A
transaction that isn't able to post correctly due to an
incorrect G/L account number posts to the Suspense account
which keeps you in balance. But any balance in Suspense must
be investigated. Then a correcting journal entry is made to
move the amount to the right account.
5. Account 999999 is the accumulated Earnings
Year-to-date account. No transaction is directly posted to
this account. It is the balance of Income accounts minus Job
Cost and Expense accounts for the current year.
6. Every G/L account prints on a Trial Balance
showing three amounts -- Beginning Balance, Current and
Ending Balance.
7. Total Assets, Liabilities & Equity: All zeros
means you are in balance. Any balance must be
investigated.
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8. The
Detailed General Ledger (Expanded) report shows all
transactions posted into the G/L. You'll use the Detailed
G/L (Expanded) to review transaction details, and debits and
credits, for each account.
9. Transaction details appear, such as reference
number, date, and description. When expanded, it also prints
job, client, and vendor numbers.
10. You'll use the reference number to look up the
transaction where it was added, such as in A/R, A/P, or the
Checkbook.
11. You'll use the job number to find the job that
the transaction was added for, and review that cost
there.
12. You'll use the vendor number to find the vendor
that the transaction was added for, and review that cost in
the vendor's ledger or in A/P.
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