Trial Balance in Tally PRIME
Accounts Trial Balance is a summary statement of all Accounts Ledger Net Balances from Accounts Ledger Book. It ensures arithmetical accuracy of posting and casting of figures from Journal Books to Ledger Books. The trial Balance figures are carried to Financial statements like Profit & Loss Account and balance Sheet. So, Trial Balance is the prime statement for compilation of Financial Statements.
Trial Balance in Tally PRIME
Trial Balance in Tally prime is an Important summary Statement showing the Net Balance of all Ledger Accounts.
Trial Balance serves 2 major objectives :
- Accuracy of Accounts : To check the arithmetic accuracy of Trial Balance ensuring Total Debits & Credits are equal (so the name Trial Balance). If the opening Balance of Ledger Accounts are not correctly and completely entered, Trial Balance will not tally, and the difference will be shown at the end as Difference in Trial Balance. Just check the Opening Balance entry, rectify mistakes, and get the Trial Balance agreed.
- Financial Statements : Trial Balance figures are used in various Financial Statements and Final Accounts (Profit & Loss & Balance Sheet) statements.
Trial Balance Display in Tally PRIME
GoT Main Menu : Select GoT>Display More Reports>Trial Balance
Go To Menu Bar : Select GoTo> Trial Balance
Initially the Trial Balance Displays the Major Accounts Groups and the Closing Balanceas at the end of the Period.
Trial Balance Configuration in Tally PRIME
Trial Balance Display Format in Tally PRIME
At Trial Balance Display, Click F5:Ledgewise / Groupwise toggle button, to get a flat list of all Ledger Accounts / Accounts Groups showing the Net Balances. The Opening & Closing Balances are shown in one column with Dr Cr sign.
Trial Balance Display (Groupwise – Detailed)
Trial Balance Printing in Tally PRIME
AtTrial Balance Display , press Ctl+P to get Trial Balance Printing screen .
Click C:Configure to get Trial Balance printing configuration screen. Set the Trial Balance Printing options . Click I:Preview to preview the Report before Printing. Click P:Print to print the Trial on printer . Since, the total of all Debits and Credits in Trial Balance is zero, the total of Opening & Closing Balance columns in Trial Balance is zero.
Trial Balance Extended Format in Tally PRIME
Normally Trial Balance shows Closing Balance as on the specified period end date. However, you may optionally include Opening Balance & Transaction details (separate Debit / Credit or Net), through the Trial Balance Configuration option (F-4B).
To print Extended Trial Balance with additional columns, Set Yes at Show Opening Balance, Set Yes at Show Transaction, Further Set Yes at Net Transaction only, to show Net of Transaction Debit Total & Transaction Credit Total, otherwise set No to Transaction Debit Total & Transaction Credit Total in separate columns, else set Yes at Show Closing Balance
Extended Trial Balance is very useful report giving a concise summarised view of Opening, Transactions & Closing Balance , very useful in practical working, and to check Opening Balance of Ledger Accounts
Extended Trial Balance in Print
Ledger Opening Balance Statement in Tally PRIME
Tally does not provide Trial Balance or List of Ledger Accounts with Opening Balance, to check the correctness of Ledger Opening Balance entered in Ledger Accounts.
To get the list of Ledger Accounts, print the Trial with Opening Balance, setting the Configuration Options, in your desired sequence (Groupwise Hierarchical, or flat alphabetical Ledger List), However, in detailed mode, you get only the next level details.
However, with new option of View Report or Save View Option, now available in Tally Prime, you may print List of Ledger Account Master with Opening Balance , as explained in Ledger Account Master chapter.
Trial Balance-Frequently Asked Questions (Trial Balance FAQ & Interview Questions -Blog Posts)