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dharmesh-keyston
Level 1
posted
‎September 13, 2024 05:29 AM
last updated ‎September 13, 2024 5:29 AM

Trial balance and General ledger

Thanks.

So how do I provide the auditors with a general ledger that balances to NIL?



I have to export the general ledger into excel and manually adjust the balances and transactions so that the general ledger balances to NIL.



On QuickBooks desktop the general ledger used to balance to NIL (As it should be)
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1 Comment 1
ShangY
QuickBooks Team
QuickBooks Team
‎September 13, 2024 09:00 AM

Trial balance and General ledger

I can help you generate a General Ledger report, ensuring you'll be able to get the correct balances to NIL in QuickBooks Online (QBO), dharmesh. 

 

Before we proceed, I want to make sure I understand which NIL you're referring to. If it pertains to data outside QuickBooks, please know that QBO relies on the information you provide. The accuracy and completeness of your entries directly influence the reliability of the financial reports it generates.


Furthermore, you're correct regarding the manual adjustment of balances, but I also recommend regularly reconciling your accounts to maintain their accuracy and balance.

However, if you're referring to zero (NIL), you can generate a General Ledger report in QBO much like in QBDT showing the Debits and Credits columns by going to the Customise report section; however, it won't display the TOTAL row at the bottom of the report indicating that the Debits and Credits columns add up to NIL or zero. 

Here's how:
 

  1. From the General Ledger Report page, click the Customise button.
  2. Click the Rows/Columns drop-down and tick the box for Debit and Credit.
  3. Once done, click Run report.

 

To export, select the export icon. Then, choose how you want to export it from the drop-down.


You can also run the Trial Balance report in QBO to get the total for the debits and credits to every general ledger account and ensure that it's equal to NIL or zero.

Additionally, saving filters in QBO customisation reports allows you to store specific criteria for future use. Check out Step 3 in this article: Customise reports in QuickBooks Online.

If you ever need assistance with running a General Ledger or Trial Balance report in QBO, please don't hesitate to reach out to us. We're dedicated to supporting you every step of the way. Have a good one.

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