Monday, June 6, 2011     17:19

Frequently Asked Question

1. What is Clean up customer aged trial Balance?
Here are a few suggestions on cleaning up your Aged Trial Balance before the year-end rush gets in full swing:
1. If Sales Tax was not paid on an invoice, issue a credit memo for the original taxable invoice, then re-issue the invoice as non-taxable. Use the same invoice number for all.
2. If a customer has paid only a portion of an invoice and will not be paying the balance, issue a credit memo for the amount they will not be paying, using the same invoice number.
3. If a Customer Deposit has been entered and not applied yet to the proper invoice EITHER (a) either use Split/Reapply found in Open Invoices – OR – (b) enter a negative and a positive cash receipt to back out of the deposit and apply it to the invoice.

2. If trial balance does not tally what does it means?
If the Trial Balance, doesn't "balance" or "tally" then there is a posting error in your records or there is an entry missing.
In the Trial Balance both sides (debit and credit) must balance, or be equal, if they do not, then there is some mistake, you will require to double check all entries for the time period from when the last Trial Balance tallied up until the new one didn't to find any mistakes or missing entries that might have ensued.

3. What is a trial Balance?
The trial balance is a summary of all the transactions of the company for the accounting period, usually twelve months.  It is the key document that links all the records of the company to the accounts. To prepare one, download the extended trial balance spreadsheet in the Preparation of Accounts section and edit the detail as applicable to your business.

The trial balance can be prepared using spreadsheets or software packages such as Sage, and is used to prepare the annual statutory accounts and monthly/quarterly management accounts.


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