Trial balance

The balance sheet shows both your balance sheet and income statements. It is a statement of amounts outstanding at the end of the year. For example, receivables, advances, debts and outstanding liabilities. It is important that your balance sheet accounts decrease and eventually come back to 0.

The balance sheet consists of three components:

1. The opening balance sheet - this shows the state of affairs as of 01-01 of the current year.
2. The trial balance - this shows a total of the debit and credit entries by general ledger account for the selected period.
3. The balance balance - this is a netted trial balance. When the debit total in the trial balance exceeds the credit total, it is netted to the debit side. In the case of a higher credit total, it is netted to the credit side.

Show accounts with 0 transactions

Suppose you are closed for a certain period and you need to show your beginning balance and ending balance.

Uncategorized Revenue, Costs and Payments.

When no ledger account is defined for an invoice line or payment method, journal entries will be posted to uncategorized accounts.

It is important that you link all Invoice items and Payment methods to a Ledger account. You want to avoid posting entries to uncategorized accounts before you transfer the entries to your financial Administration. Also, these entries cannot be synchronized with Exact online or Twinfield.

If there are entries on uncategorized Bills they will stand out because they are colored yellow.

How often is the balance sheet updated?

The balance is updated in real time. Suppose you correct an invoice, you will see this immediately in the balance (of course you have to refresh your page!).

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