Add a new trial balance
Similar to how a solid foundation ensures stability in a structure, our software excels in seamlessly preparing trial balance, thereby laying the groundwork for precise financial reporting.
Creating a trial balance
Here are the steps that you can follow to create a new trial balance-
In the Tax and accounts module, navigate to the trial balance section from the left panel and then click on '+Trial Balance'. This opens up a side panel. (When we set up the records for the first time and finally click on finish, this panel opens up automatically for user’s ease.)
Select the type of trial balance, statutory or management, based on the purpose of preparation.
Select the accounting period for which you are preparing the trial balance. The dropdown contains all the accounting periods that are shown under accounting period section next to trial balance. Accounting periods are generally retrieved from Companies House records in the first place. You also have the option to add a new accounting period manually, by simply navigating to the accounting period section, following the trial balance on the main page. To create an accounting period, follow the below steps - a. Simply click on 'Accounting Periods'. b. Select '+ Add' to create a new period and enter the relevant period for which you want to prepare the trial balance. c. Then click on 'Save'.
Adding an accounting period Choose the mode from which you want to import the trial balance.
CSV If you choose the CSV mode, a. You can choose the 'default' option, which enables you to effortlessly upload any CSV file directly into the software. b. You can also choose the 'other alternative software' from the drop-down menu in case where the excel that you are trying to upload has originated from the respective software platform. Simply upload the file in the 'Select or drop file' section.
Uploading a CSV file Integration with other software- If you’re looking to import the trial balance data directly from the other software, follow the steps below- Step 1- Go to the 'Addon' section from the settings menu located at the top right corner.
'Addon' section Step 2- You can establish connection with different software platforms by clicking on the 'Connect' button.
Initiate the connection Step 3- Enter the credentials of the respective software.
Login to the account Step 4- Select the desired account from the list.
Step 5- This takes you to granting authorisation to Acting Office for extraction of data.
Step 6- Click on 'Approve'.
Granting authorisation The connection is now established. Subsequently, you’ll have another option in the mode of import section in the creation utility. On selecting that software option, the trial balance of the respective period would be automatically transferred to our software with the next steps.
Connection established Bookkeeping If you’re looking to import the trial balance prepared through Bookkeeping within Acting Office software, this option can be helpful without the need for any further details.
Manual In case where you want to input the data manually, you’ll need to specify the account heads and the corresponding amounts on the debit or credit side based on their respective nature.
Click on 'Next' after selection of mode. In cases where a CSV has been uploaded, we’ll get another screen to help in mapping the columns. Once the headers are specified, click on 'Proceed Import'.
Mapping columns Our software seamlessly maps the codes. In cases where code is not mapped, you can easily do the same with an existing account by searching for it or if needed, create a new account head. Use this quick guide to see how to create an account.
Once you are done with the preparation process, click on- a. Save & add accounts – Use this button where the next process is to create an accounts report. You can refer this article to understand the process of creating a new accounts report. b. Save – When you just want to save the trial balance and you’d be creating the accounts report later, this option would be helpful. This is generally used in cases where you want to create a comparative trial balance which is not already added in our software. c. Save & update – This button would appear in cases where an account report or a corporation tax return is already created using that particular trial balance and you have made some changes to the trial balance which needs to be reflected in the linked reports.
Options to save the trial balance
Editing a trial balance
To make changes to an existing trial balance, simply select the 'Edit' option.
From there you can access two options, '+Journal' and 'Import'.
By choosing '+Journal', you can make an adjusting journal manually.
If you choose the 'Import' option, you can upload a file in CSV format.
These options help in having a clear distinction between already existing data and additional data created.
Comparing trial balance
We also have a report to easily compare trial balances for different periods. This helps in checking variances and ensuring consistent use of codes. The steps to access this report are as follows-
Go to the 'Reports' section and select trial balance.
Navigating to the reports Select the desired trial balance from the dropdown menu and click on '+' icon to add another trial balance from the dropdown for comparison.
Click 'Generate' to view the comparative analysis of the data.
For further analysis, you can download this report in CSV format or in PDF format via the available buttons.
Hope this is helpful.
Last updated