Trial Balance
The trial balance provides an overview of the balance of accounts in the reporting period up to the selected reporting month. It contains the opening balance, the turnover during the period, the cumulative balance and the current balance.
Below is an example of how to create a trial balance report in PANTHEON.
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CASE SUMMARY
Ashley Accountant, Head of Finance and Accounting at Tecta, wants to create a trial balance report for 2021 by accounts ranging from 4000 - Cost of material to 4900 - Transfer of costs to inventories. This is done as follows:
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Selecting the report type
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Defining the criteria of the trial balance report
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Selecting document type
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Selecting the type of the trial balance report
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1. Selecting the report type
To create a trial balance report, the person responsible opens the menu Financials | Reports | Trial balance.
The window Trial balance opens. The person responsible opens the tab Report and defines the desired criteria for the report.
2. Defining the criteria of the trial balance report
The person responsible starts entering the criteria into the sections on the right side of the window.
If the trial balance report should display only one or more accounts, this is set in the field Account.
In this case, the person responsible wants to create a trial balance report for accounts ranging from 4000 - Cost of material to 4900 - Transfer of costs to inventories. This is done as shown in the image below.
The person responsible checks the checkbox Account range to indicate that the trial balance will be displayed for turnover on accounts in the range between account 1 and account 2. All accounts whose account number is greater than the account 1 and at the same time smaller than the account 2 will be included.
The display of data can be limited by entering data into the fields Subject, Department or Cost center.
In this example, the person responsible selects the start and end date for the data to be included in the report. This is selected in the fields Date from/to, as shown in the image below.
The field Primary currency is populated automatically based on the program parameters.
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HINT
If you want to convert your trial balance into another currency, you can select the desired currency from the drop-down list in this field.
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The person responsible then enters data in the section Use date, leaving the default radio button From period enabled.
The trial balance will thus take into account the period dates from the headers of journal entries.
In the section Opening balance, the radio button Doc. type of opening on date is enabled.
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HINT
The opening balance in this case includes all the entries made in the opening document type and at the date of the opening balance. Both pieces of information are recorded in the Administration Panel.
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WARNING
In order to avoid selecting the same report criteria upon each report creation, you can save them to a template.
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3. Selecting document type
In the section Document types on the right side of the window, the document types or journal entries that should be displayed on the trial balance report are selected.
If the person responsible wants to create a trial balance report for the previous financial year that has already been closed, the journal entry for the year-end should not be included in the desired turnover data.
The program automatically selects all document types except 4900 - Year-end.
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HINT
The list of document types does not include record-only document types.
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4. Selecting the type of the trial balance report
PANTHEON allows you to customize the level of detail of a trial balance report.
On the left side of the window, there are Report types, which are divided into two sets.
The first set of reports displays total turnover regardless of the subject, while the second set of reports displays total turnover by individual subject, as shown in the image below.
Next, the person responsible selects the report type 052 - Trial balance - analytic accounts 1.
By double-clicking the selected report type or by selecting the report type and clicking the button Report, the desired trial balance is displayed.