Trial Balance

[Derek Atkins]

Mike or Penny Novack <stepbystepfarm at mtdata.com> writes:

>>
>> Yes, I have a ZERO imbalance, so it is fine, despite my ignorance.
>> My accountant wants to see the "Trial Balance" to verify the books are
>> balanced......
>>
>> Thanks for the education on what a TB is and why and how it is useful.
>>
>> James
>
> Ah, unfamiliarity with this particular application or possibly any of
> them because as far as I know all the computerized bookkeeping
> programs ensure that the books are in balance. Well in that case
> you'll have to learn how to produce a "Trial Balance" for him (or
> her). Like I said earlier, in the old days this was very important
> because easy for an initial data entry error or a transcription error
> to put the books out of balance. With gnucash (or QuickBooks or
> PeachTree or ......) it simply can't happen and if you failed to
> supply an account name or otherwise left   an amount dangling would be
> in "Orphan" or "Imbalance".

Actually, it *can* happen if you have multi-currency transactions and
have not enabled trading accounts.  In that case you *could* have an
imbalance due to unrecorded gains/losses due to changes in exchange
rates.

> Michael

> Please remember to CC this list on all your replies.
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-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available