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Closing Trial Balance (report)

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The Closing Trial Balance report shows this year's and last year's general ledger (G/L) account debit and credit balances.

For income statement accounts, the report shows balances without closing entries.

The report lists closing entries on a fictitious date between the last day of one fiscal year and the first day of the next.

You typically post the closing of the income statement accounts at the end of a fiscal year.

Use the report to verify that all financial transactions are accurate and that the total debits equal the total credits, so you're sure the books balance before you close the financial year.

Use cases

Accountants use the report to:

  • Verify the accuracy of the financial data by ensuring that debits and credits balance, and comparing the balances from this year and last year.
  • Prepare financial statements, such as income statements, balance sheets, and cash flow statements, based on the report.
  • Identify discrepancies or errors in financial data and investigate them.

Financial controllers use the report to:

  • Monitor the financial health of the business by reviewing this year's and last year's balances of each account in the chart of accounts.
  • Identify areas to save cost or generate revenue, and make recommendations for improving financial performance.
  • Prepare financial reports for internal and external stakeholders, such as board members or regulatory agencies, based on the report.

Auditors use the report to:

  • Verify the accuracy of the financial data by ensuring that debits and credits balance, and comparing the balances from this year and last year.
  • Identify discrepancies or irregularities in financial data and investigate them.
  • Prepare audit reports and provide recommendations for improving financial controls and processes based on the report.

Try the report

Try the report here: Closing Trial Balance

Tip

If you hold down the CTRL key while you select the report link, the report opens on a new browser tab. In this way, you can stay on the current page while you explore the report on the other browser tab.

See also

Built-in key finance reports
Ad hoc analysis on finance data
Financial analytics overview

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