Navigating the Trial Balance in a Monthly File

You will notice that you are given the option of selecting a few extra filters. Namely current month, prior month, current period YTD, Prior Year Month, and Prior Year YTD.

1. Firstly, import your trial balance data. For a step-by-step guide on how to do this click here.

2. Compared to year-end file trial balances – monthly file trial balances will have some additional columns:

Current Month initial: Figures imported for the current month of the file.

Adjustment: Figures adjusted through journal entries. For more information on journal entries click here.

Current Month Final: Current month initial +/- adjustments.

Prior Month: Prior months figures - for comparison of figures.

3. By clicking on the Year to date progress tab you will navigate to some additional columns:

YTD initial, Adjustments – added through the journal entries, YTD Final and YTD.

4. Finally, by clicking on the Prior Year tab you will navigate to previous years' data which will be compared against current years' data.