Trial Balance, Profit & Loss and Balance Sheet
Run your final accounts for any period, read them correctly, print them, and fix the usual reasons they look wrong.
Trial Balance (T)
Click Trial Balance under Final Accounts, or press T on the Gateway. Set the to date. Every ledger shows under its group with a Debit Balance or Credit Balance. The footer shows Grand Total with a Balanced badge when the two columns agree. Click Print for a copy.
Profit & Loss A/c (P)
Click Profit & Loss A/c. It is laid out as a Trading and Profit & Loss A/c for the period shown (press F2 to change it):
- Sales and direct costs give the Gross Profit (or loss), carried over.
- Indirect incomes and expenses then give the Net Result for the Period.
The two cards at the top show the gross and net result at a glance.
Balance Sheet (B)
Click Balance Sheet and set the to date. Liabilities & Equity sit on the left, Assets on the right, each group with its share in percent. The current period's profit or loss appears on the liabilities side as part of capital. The cards at the top show Total Assets and either Total Liabilities & Equity or a Mismatch amount.
If something looks wrong
| Symptom | Likely cause | Fix |
|---|---|---|
| Trial Balance not balanced | An opening balance was entered on one side only | Check opening balances on the ledgers created recently |
| A ledger under the wrong heading | Its Under Group is wrong | Edit the ledger and change the group |
| Sales missing from P&L | The sales ledger is not under Sales Accounts | Move it to the right group |
| Balance Sheet shows a mismatch | Opening balances do not tally, or a ledger has no group nature | Review the Trial Balance first |
| Closing stock missing | No closing stock entry | Check Inventory Items valuation and book the year-end stock journal |