Trial Balance/Previous Year (report)
The Trial Balance/Previous Year report shows general ledger (G/L) accounts with debit and credit net change and balances for a period you specify.
The report also shows the percentage of actual figures vs. the figures for the same period last year.
You can filter the report by dimensions.
Use the report to help identify trends, variances, and potential areas of concern. The report is useful at the close of an accounting period or fiscal year for assessing financial performance over time.
Use cases
Financial analysts use the report to:
- Analyze the financial performance of the business over time by comparing current financial data with data from the same period in the previous year.
- Identify trends, variances, and potential areas of concern based on the comparison of the current period with the previous year.
- Use the report data to prepare financial reports for stakeholders such as investors or executives.
Controllers use the report to:
- Monitor the financial performance of the business over time by comparing current financial data with data from the same period in the previous year.
- Identify areas to save cost or generate revenue, and make recommendations for improving financial performance.
- Use the report data to prepare financial reports for internal and external stakeholders such as board members or regulatory agencies.
Auditors use the report to:
- Verify the accuracy of financial data. Review the balances and net changes of each account in the chart of accounts for the current period and the same period last year.
- Identify discrepancies or irregularities in financial data and investigate them.
- Use the report data to prepare audit reports and provide recommendations for improving financial controls and processes.
Try the report
Try the report here: Trial Balance/Previous Year
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