The Account and Trial Balance report provides you with the balances of each account in your finance module as of the end of whichever month you select, the beginning of your fiscal year and your current balance. Also, to act as a Trial balance report, this report can show your debit and credit balance on each account, as well as a comparison between what you have budgeted and the actuals through the end of the selected month.
At the end of each format of this report, a summary is provided with a few pieces of key information. The information provided varies by report format:
Current Balance
- Net income through (month) - Subtracts the total expenses from the total income through the end of the selected month.
- Book Equity through (month) - This takes the total activity in your assets through the end of the selected month and subtracts all activity in your liabilities, dedicated accounts and any equity accounts (assigned equity) to provide you with your "Book Equity". An additional line, that adds back in the equity accounts is added below this called "All Equity"
- Through (Month) - This compares your asset activity through the end of the selected month with the sum of all the activity through the end of the selected month for your Liabilities, Dedicated accounts, Assigned Equity and Book Equity.
- Beginning balance - This is the same calculation as Through (month) but instead of looking at activity in these accounts, it's looking at the beginning balances for each of these account types.
- Current balance - The same calculation as the previous two sections, but instead it's looking at the current balances of these account types.
Debits vs. Credits
- Activity through (month) - This shows the total increase or decrease in assets, and subtracts the total increase or decrease in Liabilities, Dedicated accounts, and Assigned equity (Equity accounts). The net result is "Book Equity".
- Debits vs. Credits - This takes the total debits applied to your book during this time period and subtracts the total credits applied to your book during this time period. With all transactions requiring equal debits and credits, the difference should always come out to $0. This section also shows all Income activity for the period and subtracts all Expense activity for the time period.
Budget vs. Actual
- Net income through (month) - Subtracts the total expenses from the total income through the end of the selected month.
- Book Equity through (month) - This takes the total activity in your assets through the end of the selected month and subtracts all activity in your liabilities, dedicated accounts and any equity accounts (assigned equity) to provide you with your "Book Equity". An additional line, that adds back in the equity accounts is added below this called "All Equity"
- Budgeting - This view looks at your net budget for the month (Income - Expense, plus or minus the net total of your dedicated account budget) and subtracts net actual for the month (Income Total - Expense Total plus or minus the net of your dedicated accounts) to give you the difference between the two. This view also shows the same figures, but for your annual total.
- Through (Month) - This compares your asset activity through the end of the selected month with the sum of all the activity through the end of the selected month for your Liabilities, Dedicated accounts, Assigned Equity and Book Equity.
- Beginning balance - This is the same calculation as Through (month) but instead of looking at activity in these accounts, it's looking at the beginning balances for each of these account types.
- Current balance - The same calculation as the previous two sections, but instead it's looking at the current balances of these account types.
- To access this report, open the finance module, click on "Other Reports" and make sure "Account and trial balance" is selected.
- Select which Finance Year and Month you'd like to run this report for in the "Finance Year" and "As of" fields respectively.
- Select which Books and accounts you'd like to include on this report by checking or unchecking the appropriate Books, Account Types, Responsibility, and Church Body codes in the "Books", "Type", "Responsibility", and "Church body" fields respectively.
- Select which format of this report you'd like to see in the "Format" drop list. There are 3 options:
- Current Balance - Looks at the activity through the selected month, the beginning balance and the current balance of each account.
- Debits vs. Credits - Provides the Debit balance, the Credit balance and year-to-date change for each account. This is also known as a Trial Balance report.
- Budget vs. Actual - This report will show each account, the current balance the total activity through the selected month, and for the accounts where a budget can be assigned (Income, Expense and Dedicated) the budget through the selected month, if the account is Over (+) or Under (-) budget, the full budget for the selected year and the remaining budget on the account.
- The Options section provides the following options you can select by checking the box next to them:
- Show monthly totals - When this box is checked, this will provide a monthly breakout of activity on each account in your report.
- Include inactive accounts - This option will show accounts that have been marked as "Inactive" on your reports.
- Exclude accounts with a zero balance - This option will exclude any account that has a balance of 0 dollars currently from your report.
- Page break with Type changes - This option will start a new page on the report each time you move from one account type to another.
- Sort accounts by name - This option will order your accounts by name within the account type, not by account number.
- Click "Print" to generate your report.