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Trial balance

Use the Enter Trial Balance screen

You can use the
Enter Trial Balance
 screen to review and edit account information.
You can switch the
Journal Entry View
 on or off to add, maintain, and view adjusting journal entries directly in the
Trial Balance
 grid.
To add, edit, or delete customized views, open the
View Maintenance
 window.
To access the
Enter Trial Balance
 screen, go to
Actions
Enter Trial Balance
 or select
Enter Trial Balance
 icon in the Accounting section of the Navigation pane.

Fields on the screen

Data entry grid
Enter account balances in the data entry grid. Select
View Maintenance
 on the
Enter Trial Balance
 screen to add or modify views for your client.
Enter accounts from the client’s Chart of Accounts to create transactions that support the entered balances.
Ensure that each balance you enter in the grid is a year-to-date balance for the account. The application calculates the transaction amount as the difference between the year-to-date amount and the amount from the previous activity for that account.
Examples:
  • For Account 100, if the current balance is $250.00 and you enter $700.00 as the new year-to-date balance in the Unadjusted column, the application generates a transaction of $450.00.
  • For Account 400, if the current balance is ($875.00) and you enter ($600.00) as the new year-to-date balance in the Unadjusted column, the application generates a transaction of $275.00.

Default Trial Balance view

The Default view includes the following columns:
  • Account
  • Description
  • Account Grouping / Account Classification
  • Account Grouping (Subcode) / Account Classification
  • Unadjusted [CY, C]
  • Adjusting JE (Debit) [CP, C]
  • Adjusting JE (Credit) [CP, C]
  • Adjusted [CY, C]

Journal Entry View

Use the Journal Entry View section in
Actions
Enter Trial Balance
 to review and enter adjusting journal entries. The application updates the corresponding entries in the Trial Balance grid at the same time.
You can choose from the following journal entry subtypes in the Subtype column:
  • Adjusting
    : Post entries to unadjusted balances to include them in the adjusted trial balance.
  • Tax Adjustment
    : Modify account balances to comply with taxing authority regulations.
  • Reclassifying
    : Make entries for financial statement purposes only. These are typically not entered in the books.
  • Other
    : Prepare financial statements on another comprehensive basis of accounting and combine them with the adjusted trial balance to create the other basis trial balance.
  • Potential
    : Record journal entries that may be needed later. You can easily convert potential journal entries to another type.
Required Fields in Journal Entry View
  • Journal
    : Select a journal from the dropdown list. The list includes journals set up in
    Setup
    Journals
    .
  • Posting Period
    : Select a period for the current or future year.
  • Subtype
    : Select the subtype from the dropdown list. The default is Adjusting, but you can select a different default in the Enter Trial Balance Options window.
  • Amount
    : Enter positive amounts for debits and negative amounts for credits. You can enter decimals, or if you marked the
    Implied decimal on amounts
     checkbox in
    Setup
    User Preferences
    , the application will handle decimals automatically.
  • Difference
    : Select
    Temporary
     or
    Permanent
     to map the journal entry to the correct Schedule M-3 column. The application maps temporary entries to Schedule M-3, Column B, and permanent entries to Column C in UltraTax CS. This field is available only for Tax Adjustment, Reclassifying, or Other subtypes.
  • Reverse
    : For Adjusting journal entries, mark the
    Reverse
     checkbox to have the application reverse the entry in the next posting period.

This article applies to:

  • PRODUCT: Accounting CS, Engagement Manager
  • Subject: Chart of Accounts, Posting periods
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