Trial Balance Sheet Template Excel

Sunday, January 24th 2021. | Sample Templates

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How to Make a Trial Balance Entry on Excel How to Make a Trial Balance Entry on Excel Businesses use trial balance sheets to calculate the monthly debits and credits posted in their general ledgers. Debits are the money a business spends or loses, while credits are the money a business makes. The trial balance sheet totals the debit and credit balances in each ledger category to see if they balance. You can manage your company’s accounting by using Excel to create a trial balance sheet and to post entries. General Ledger Businesses use trial balance sheets to calculate the monthly debits and credits posted in their general ledgers. Debits are the money a business spends or loses, while credits are the money a business makes. The trial balance sheet totals the debit and credit balances in each ledger category to see if they balance. You can manage your company’s accounting by using Excel to create a trial balance sheet and to post entries. General Ledger The debits and credits on a trial balance come from entries posted in a company’s general ledger. A general ledger tracks a company’s debits and credits in categories such as cash, capital, accounts receivable, accounts payable and inventory. Before you create a trial balance sheet, determine the balances of each of your company’s general ledgers. For example, your accounts receivable ledger may have a debit entry of $5,000 posted on December 12th. When you receive a payment of $2,500 on December 20th, you post that payment as a credit entry. The balance of the ledger is $2,500, which is the amount you’d list on your trial balance in the debit section, as money still owed to your company. Example Trial Balance Totals The debits and credits on a trial balance come from entries posted in a company’s general ledger. A general ledger tracks a company’s debits and credits in categories such as cash, capital, accounts receivable, accounts payable and inventory. Before you create a trial balance sheet, determine the balances of each of your company’s general ledgers. For example, your accounts receivable ledger may have a debit entry of $5,000 posted on December 12th. When you receive a payment of $2,500 on December 20th, you post that payment as a credit entry. The balance of the ledger is $2,500, which is the amount you’d list on your trial balance in the debit section, as money still owed to your company. Example Trial Balance Totals Once you’ve calculated all of the balances from your various general ledgers, use those numbers to begin creating your trial balance sheet entries in Excel. Your general ledger balances may be $10,000 in cash, $2,500 for accounts receivables and $3,000 for inventory. These entries appear as debits. Your credit entries might include $2,500 for accounts payable, $4,000 in capital and $9,000 in revenue. The balances for both the debit and credit side equal $15,550. Using Excel Once you’ve calculated all of the balances from your various general ledgers, use those numbers to begin creating your trial balance sheet entries in Excel. Your general ledger balances may be $10,000 in cash, $2,500 for accounts receivables and $3,000 for inventory. These entries appear as debits. Your credit entries might include $2,500 for accounts payable, $4,000 in capital and $9,000 in revenue. The balances for both the debit and credit side equal $15,550. Using Excel Use a blank Excel worksheet to create a trial balance sheet. In row A, add the titles for each column: “Account Name/Title,” in column A, “Debit,” in column B and “Credit” in column C. Under “Account Name/Title,” list each of the accounts in your ledger. The previous examples includes cash, accounts receivables, inventory, accounts payable, capital and revenue. Add the balances of each of your ledgers to the appropriate debit and credit columns for each account. If one of your balances is a negative number, enter a “-” sign before the number, when you input the entry. This tells Excel to subtract the number when it totals the column. Make your entries display as currency by highlighting the numbers, then click “Format” on the Excel menu. Select the “Number” tab, then click “Currency” and select the “dollar sign.” Click on the first empty cell in the “Debit” column, then select the “AutoSum” button, which selects all of the numbers in the column for the total. Repeat for the “Credit” column. If the the “debit” total equals the “credit” totals, then the totals match what’s on the general ledgers. Limitations of Trial Balance Use a blank Excel worksheet to create a trial balance sheet. In row A, add the titles for each column: “Account Name/Title,” in column A, “Debit,” in column B and “Credit” in column C. Under “Account Name/Title,” list each of the accounts in your ledger. The previous examples includes cash, accounts receivables, inventory, accounts payable, capital and revenue. Add the balances of each of your ledgers to the appropriate debit and credit columns for each account. If one of your balances is a negative number, enter a “-” sign before the number, when you input the entry. This tells Excel to subtract the number when it totals the column. Make your entries display as currency by highlighting the numbers, then click “Format” on the Excel menu. Select the “Number” tab, then click “Currency” and select the “dollar sign.” Click on the first empty cell in the “Debit” column, then select the “AutoSum” button, which selects all of the numbers in the column for the total. Repeat for the “Credit” column. If the the “debit” total equals the “credit” totals, then the totals match what’s on the general ledgers. Limitations of Trial Balance Trial balances have several limitations, even when the debit and credit totals balance. Limitations such as when transactions that are omitted from the ledger, are omitted from the trial balance, and when entries are listed under the wrong ledger, errors may occur. If the balances do not match, check that you included every balance from every general ledger, ensure that all general ledger totals appear on your trial balance and that you didn’t introduce typos, such as adding a digit or eliminating a digit. You may also get mismatched balances if a number is in the “debit” column, when it should appear in “credit,” and vice versa.

References

Writer Bio Trial balances have several limitations, even when the debit and credit totals balance. Limitations such as when transactions that are omitted from the ledger, are omitted from the trial balance, and when entries are listed under the wrong ledger, errors may occur. If the balances do not match, check that you included every balance from every general ledger, ensure that all general ledger totals appear on your trial balance and that you didn’t introduce typos, such as adding a digit or eliminating a digit. You may also get mismatched balances if a number is in the “debit” column, when it should appear in “credit,” and vice versa.

References

Writer Bio Miranda Brookins is a marketing professional who has over seven years of experience in copywriting, direct-response and Web marketing, publications management and business communications. She has a bachelor’s degree in business and marketing from Towson University and is working on a master’s degree in publications design at University of Baltimore. Miranda Brookins is a marketing professional who has over seven years of experience in copywriting, direct-response and Web marketing, publications management and business communications. She has a bachelor’s degree in business and marketing from Towson University and is working on a master’s degree in publications design at University of Baltimore.

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