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bipin
December 10, 2019
Question

Trial balance

  • December 10, 2019
  • 2 replies
  • 0 views

How do i run a monthly trial balance?

 

If i run trial balance and specify a period then the income statement items are presented for the YTD to the period end that i have specified instead of balance for the period. Is there a solution in quick books itself; if not please suggest a 3rd party add on that i can use to achieve this.

2 replies

J
JamesM
December 10, 2019

Hi there, 

 

Thanks for reaching out to the Community. It's important you're able to run the Trial Balance and I'll show you how to filter it to get a monthly report.

 

From your left navigation menu click Reports > locate the Trial Balance or other reports. Once you have the report pulled up, you'll see fields where you can enter a date range on top of the report. I'll attach a screenshot for reference below. You can custom select the date to view monthly data.

 

 

Feel free to ask questions. I'll be on standby. 

B
bipinAuthor
December 10, 2019

Hi James

Thanks for the reply. 
From your example closing date is July 8 so the income statement amount will remain the same for whatever period start day you use. Eg July 1-July 8 income statement item amount will be same as July 7-July 8. 

AddieC
AddieC
December 10, 2019

I see what you're saying, bipin. If this isn't quite the information you're looking for, you can certainly explore third-party apps here: https://apps.intuit.com/app/apps/home.

 

I'd also recommend reaching out to our tech support team here for any further assistance. 

Have a great day.

M
Makda
April 14, 2020

I ran into same problem but when I run P&L with Budget to Actual comparison, I can get the actual numbers for the month.  Those same numbers should be there if you are running trial balance for a specific period showing only the monthly changes to the accounts instead of YTD numbers.

    R
    Rochelley
    April 14, 2020

    Hello @Makda ,

     

    The Trial Balance will always give you the balance as at your end date on the balance sheet accounts, and it will always give you the accumulated values of your P & L accounts from Jan 1 of the year of the end date you enter into the report date query.  If you enter a date range of 03/01/20 to 03/31/20, you will get the P & L numbers from 01/01/20 to 03/31/20.  If you enter a date range of 03/30/20 to 03/31/20, you will get the P & L numbers from 01/01/20 to 03/31/20.  This is the nature of QB's Trial Balance.  It is not meant to be used as a "monthly report".

     

    This is because QB only transfers your P & L bottom line (profit or loss) to retained earnings at Dec 31 (once a year).  So it starts accumulating P & L account balances again as at Jan 1 to end date you enter into the TB report.

     

    To only get a specific period that is not Jan 1 to another date in that year, you must run a P & L with your desired date range.  This is the report meant to be used for monthly changes or changes for any other time period that you want.

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