Trail balance is a block specific report which can be downloaded from Block/Reporting. This report can be produced only for any already existing financial periods.
The report has only one page which gives you an overview of the selected financial period. It can be divided into 9 'sections' which are highlighted in colours on the picture below.
Starting from the top those are:
1. Bank accounts: a) local and b)global
2. Total of Leaseholders statements
3. Total of Suppliers statements
4. Category balance
5 Expenditures Paid
6 Revenue Category received
7. Ground Rent Paid
8. VAT: a) VATS and b)VATP
9. Income vs Expenditures [up to period start date]
Below you can find details of the each one. Also under each section you will find an example table which will show you which items are calculated. Each time we apply following rule:
If the total of one column is greater than the other, we add the difference to the bottom of the other column and that is the value you can see on your trail balance (in red).
Example below:
1. Bank Accounts
a) Local - This is showing your block account balance on the Period End date. It should be the same as your cashbook/transactions page when the end date is selected the same as the Period End.
It will show in the Debit column if there is money on your account and in Credit if the account is overdrawn
b) Global - this applies only if you have set up global account in Branch Finances/Bank Account. It shows you the total balance of money allocated to that property which is kept on the global account on the Period End date. If you have positive balance (more money received than paid) it will be put in the Debit column.
REMARK:
- If your trial balance is not balancing please check if your bank account opening balance has only one category selected. You can do it in Block Accounts/Bank Accounts/View/Categories(tab)
2. Total of leaseholders statements - This is the sum of all leaseholders statements on the period end date. It will include anything on the leaseholders statement up to the end of the period.
If the total is in the Debit column, it will mean that leaseholders are in debt if in the Credit column, that would mean that there are more credits on the leaseholder accounts than invoices.
REMARKS:
- This amount will only match the debtors report for the same dates if there are no invoices with future due date.
- The amount being in the Credit column does not necessarily mean all leaseholders have paid their debt.
3. Total of suppliers statements - Sum of all supplier's balances for that period on the End date. If the amount is in the Credit column that would mean some money is due to those suppliers.
REMARK:
- This total will only be equal to the Creditors report ending on the same date if there are no Credits or Refunds on any of the suppliers
4. Category Balance - There will be one row per every non-zero category (category with an amount assigned to it). The total per category is calculated from the beginning up to the End date. All the items below will be included only if they have a category assigned to them.
Please keep in mind that categories do not include the VAT.
Expense categories balances will most of the time include items in green and red.
Revenue categories balances will most of the time include items in blue and red
The Expense and Revenues categories balance can include all the items.
REMARK:
- In most cases, if the Expense category is in the Debit column, it will mean that there are unpaid suppliers invoices.
- If you see a total in the Debit column for Revenue category, that would suggest you have received more money than you invoiced Leaseholders for.
5 Expenditures Paid - This will show you how much expenditures you have paid in this financial period.
REMARK:
- It does not include any Ledger Items
6. Revenue Category received - this is a very similar one to the paid Expenditures. This time you are being given information how much money you have received in the financial period per category.
As before, no Ledger items are included.
7. Ground Rent Paid - This total gives you information on how much money you have paid to the Freeholder in this financial period using Freeholder payments.
8. VAT:
a) VATS - Total VAT invoiced in this period on revenue invoices
b)VATP - Total VAT invoiced in this period on Suppliers Invoices
9. Income vs Expenditures [up to period start date] - This total will show you the paid Expenditures, Ground Rent and received Income up to the Period start date
