What is and How to Run Trial Balance Report in Sage 50

Trial Balance Report in Sage 50

What is a Trial Balance?

The Trial Balance is a report that shows an overview of the balances in every nominal ledger account at a specific point in time. It includes the totals of the credits and debits posted to each of the accounts.

There are 2 types of a Trial Balance Report. A Period Trial Balance and a Transactional Trial Balance-

  • Period Trial Balance- This report depicts the nominal account balances at the end of a particular period. It takes into account the nominal record monthly balances and considers brought forward values.
  • Transactional Trial Balance- This type of trial balance report is run with respect to a particular transaction date range. A department range and a transaction number range can also be specified. This report does not take into account brought forward values.

Why is a Trial Balance Important for your Business?

The Trial Balance becomes important for your business as it gives you a snapshot of all the ledger accounts. In one single report, the Trial Balance includes all the Balance Sheets and the Profit and Loss accounts. While reviewing the Trial Balance, you can easily identify if any account balance is wrong, too high or too low. This helps you fix such mistakes before running other reports such as the Balance Sheet and the Profit and Loss statements.

The Trial Balance also helps you in forecasting and analysis. By running these reports of the current year and the last year, you can compare income, costs and expenses. This will, in turn, help you in budgeting and making important business decisions.

After running a Trial Balance report, you can even export it in CSV or PDF format for further analysis. With the CSV format, you can import the data to Microsoft Excel or other such programs as well.

How to Run the Trial Balance Report in Sage 50?

You can run the Trial Balance report to view all the ledger account balances or carry out an analysis. Here, we will discuss how to run a Period Trial Balance and a Transactional Trial Balance Report.

Total Time: 30 minutes

A) Procedure to Run a Period Trial Balance

🔹 Go to Company
🔹 Click on the Links pane 
🔹 Go to the Financial Reports section 
🔹 Click on Trial balance 
🔹 Now click on the tab named Period Trial Balance
🔹 Now you can select any of the tabs to get the desired output-
🔹 Preview- to see the trial balance report on your screen
🔹 Printer- to print the trial balance report
🔹 File- to save the report as a file
🔹 Email- to send the report as a mail attachment
🔹 To generate a trial balance report, click on Run
🔹 Choose the accounting period for which you want to run the report, from the drop-down list

B) Procedure to Run a Transactional Trial Balance

🔹 Go to Company
🔹 Click on the Links pane 
🔹 Go to the Financial Reports section 
🔹 Click on Trial balance 
🔹 Now click on the tab named Transactional Trial Balance
🔹 From the toolbar, select any of the tabs to get the desired output-
🔹 Preview- to see the trial balance report on your screen
🔹 Printer- to print the trial balance report
🔹 File- to save the report as a file
🔹 Email- to send the report as a mail attachment
🔹 Enter the required criteria, if any, from the options below-
🔹 Transaction Number- enter the range of the transaction number for which you want to run the report 
🔹 Transaction Date- enter the range of the transaction date for which you want to run the report
department- enter the range of the departments for which you want to run the report
🔹 Once done, click OK to run the trial balance report

We hope the discussion above would give you a fair idea of what a trial balance report is and how to run different types of such reports in Sage 50. If you are having any difficulties in carrying out the steps above or if you want to know more, we would recommend you to get in touch with some authorized Sage professionals.

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FAQs

I have identified a Posting Error after running the Trial Balance Report. How can I fix it?

To resolve a posting error, you will have to either create a journal entry or correct the wrong transaction. Whenever possible, we would recommend you correct the wrong transaction. However, if you find the transaction is already settled and you want to correct it with a journal entry, do consider the points below:
🔹 You have to choose the affected ledger account by going to the adjustment side of the relevant journal entry.
🔹 It has to be the opposite type of the erroneous entry.
🔹 If multiple lines are there, they should be equal to the amount of the incorrect entry.

What is a Transactional Trial Balance Report?

This type of trial balance report is run with respect to a particular transaction date range. A department range and a transaction number range can also be specified. This report does not take into account brought forward values.

What is a Period Trial Balance Report?

This report depicts the nominal account balances at the end of a particular period. It takes into account the nominal record monthly balances and considers brought forward values.

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