Hi All
Accountant has asked for trial balance for year ending may 20
when i have open the reports then trial balance for that period
in owners drawings it starts with an -125 K which then on the report with owners earnings for that year puts my drawings at 169k which unfortunately is not right. If you can please advise what I am doing wrong.
Regards
David Beagle
Hi David,
If the balance of the account in the Trial Balance report is not correct
then it could be one of two things:
The opening balance is not correct - check that the balance of the
account at the start of the financial year is correct. If it is not,
record a General Transaction to adjust the balance at the start of the year
The transactions during the year are not correct. For Owners Drawings
and Retained Earnings, you can look the Account Activity list to see if
there are any incorrect transactions affecting the balance of the account.
For Current Earnings the balance is calculated as the balance of the income
less expenses, so if this is not correct you should look at the Profit and
Loss statement to identify incorrect balances for individual income and
expense account.
