MV Software Knowledge Bas…  Modules»General Ledger»Task 09 - G/L Trial Balance
  
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Last modified on 2/25/2016 4:23 PM by User.

Tags:
G/L, Trial, Balance, General, Ledger, GL

Task 09 - G/L Trial Balance

 

This is a General Ledger month-end report.  This should be run, with detail, at the end of every month. It should be kept in a permanent binder or if you have the optional e-mail package, e-mail the report to yourself & save.

 

There are a few things that can be verified on this report:

 

  • The end-of-the-month G/L account for Accounts Receivable should equal the balance on the Accounts Receivable Aged Trial Balance.
    • For Example: When the Accounts Receivable Module was balanced at the end of August 20xx an A/R Aged Trial Balance was printed and the Cutoff Grand Total was $625,347.17.  In the General Ledger Module after everything was posted for August 20xx, a G/L Trial Balance was printed.  If the A/R General Ledger # is, for example: 105-00-01,   its August Ending balance should also be $625,347.17. 

 

  • The end-of-the-month G/L account for Accounts Payable should equal the balance on the Accounts Payable Aged Trial Balance.
    • For Example: When the Accounts Payable Module was balanced at the end of August 20xx an A/P Aged Trial balance was printed and the Grand Total was $416,307.10.  In the General Ledger Module after everything was posted for August 20xx, a G/L Trial Balance was printed.  If the Accounts Payable General Ledger # is, for example: 305-00-01, its August Ending balance should also be $416,307.10. 

 

  • The G/L account for the checking accounts should equal your reconciliation.
    • For Example: When you balanced the bank statement for August 20xx if everything had cleared the bank your checkbook balance would be, for example:  $325,205.20.  In the General Ledger Module after everything was posted for August 20xx, a G/L trial balance was printed.  If the Michigan Bank’s General Ledger # is, for example:  102-00-01, its August Ending balance should be $325,205.20.

 

  • If you have any clearing accounts with activity, but should always have a zero balance, those accounts should be reviewed.  Or, for example, if the Truck Allowance account is usually about $10,000.00 per month and this month it is up to$30,000.00, you may want to review the activity in the account.

 

When printing the G/L Trial balance for month-end answer prompts as follows:

  1. G/L transaction dates: Start 08/01/xx  End 08/31/xx
  2. G/L account numbers: ALL
  3. G/L department numbers: ALL
  4. G/L transaction numbers: ALL
  5. G/L Statement codes: ALL
  6. G/L division numbers: ALL
  7. (Optional) G/L sub-divisions: ALL
  8. Print transaction detail (Y/N): Y
  9. Print zero balance account? (Y/N): N
  10. Single, Double, Triple spaced: (S,D,T):
  11. Print order: Acct # or Statement code? (A,S):A
  12. Print department* digits subtotals? (Y/N): Y or N
  13. Print major* account subtotals? (Y/N): Y or N
  14. Print major* account summary? (Y/N): Y or N

 

*   The wording on lines 12, 13 and 14 can be changed to reflect something more meaningful to the user.  The ‘department’ is the middle 2 digits; ‘major’ represents the first 3 digits of the G/L account number.  To change the wording, go to:

  • General Ledger (Module 4)
    • ​System Management Functions (Task 32)
      • ​Modify Parameter Files ( Sub-task 22)
        • ​G/L Trial Balance Parameters (Selection 2)
          • ​Look for the following parameters:
            • INI'DEPT'DESC=
            • INI'MAJOR'DESC=