This article describes the latest version of the Trial Balance report which has been release on the 8th of February 2023.
This report is block specific and can be accessed after selecting any block from Block(Estate)/Reporting section.
You can only generate Trial Balance for pre-existing financial period:
Trial Balance consist of 3 tabs:
1. Trial Balance - This is effectively a main tab with all the totals. It has 7 columns:
- Nominal code - This will show nominal code assigned to the category. The rows which are not showing a balance for the category will have this empty.
- Ledger Name - This shows the name of the ledger. Please check below for types of ledgers which are being presented (You can also find examples of each ledger on the dummy report attached to that article):
* Bank Account - There will be one for each Global and Block account from which items are allocated to the property. Please remember it will not show reconciled bank transactions so to have an accurate total please make sure all your transactions are reconciled before generating the report.
* Accounts Receivable - This shows total of all leaseholders' entries: Refunds, Credit Notes, Payments on Account, Invoice Items, Receipts. Its total will match the Debtors report for the same period.
* Category - one row per each category (of type Expense, Revenue, Expense and Revenue, Expense and Report) which has anything allocated against it. This includes following entries: Credit Notes Ledger Items, Invoice Items, Opening Balance for Bank Account.
* Freeholder Payments - All Freeholder payments entries added in the report period. These are always under the Ground Rent category
* Accounts Payable - This shows the total of all suppliers' entries: Supplier Refunds, Supplier Credit Note, Supplier Payment on Account, Supplier Invoice Items and Supplier Payments. It can match the Creditors report but if you are left with some un-allocated Supplier's Credit it might differ from that report (we plan to change Creditors report to match Accounts Payable)
- BFDebit - Debit column for period which ends on the last day of selected report period
- BFCredit - Credit column for period which ends on the last day of selected report period
- Debit - Debit column for selected report period
- Credit - Credit column for selected report period
- Budget - Amount of money included in the Budget for the selected period
2. General Ledger - This tab shows you all items included in this period and how they have been allocated among individual ledgers
3. Ledgers - It offers the same information as tab General Ledger but this time broken down between individual ledgers
General Remarks:
A) All invoices (invoice items) we are pulling for the financial period selected based on their due dates. If there is no due date then we use the issue date.
B) Payments, ledger items, credits, refunds we take by their date.
C) There is no mention of leaseholder Opening Balance as they are invoices
D) There is no mention of leaseholder Opening Balance as they are invoices. 6. We do not itemize VAT yet. This needs more consideration. At the moment when you see invoice or invoice item it means Invoice Item+ VAT