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Using the Working Trial Balance in QuickBooks (cont’d)

With year-end now here, using the Working Trial Balance can be a helpful tool to close your books. Last post we discussed how to access this. Here are a few tips of what we can do:
  • See your client’s net income.
  • Review and edit transactions in your client’s accounts, including the Retained Earnings account.
  • Select different date ranges to review.
  • Enter adjusting journal entries.
  • Enter a workpaper reference for an account.
Quick reference to getting the most out of this window:

If you want to:

 

Do this:

 

QuickBooks displays:

Edit an account Double-click on the account name The Edit Account window for that account
View Beginning Balance details for one account QuickZoom on the amount in the Beginning Balance column The Transactions by Account report for that account as of the From: date
View Beginning Balance details for all accounts QuickZoom on the amount at the bottom of the Beginning Balance column The Transactions by Account report for all accounts as of the From: date
View Transaction details for one account for the selected period QuickZoom on the amount in the Transactions column The Transaction Detail by Account report for that account for the selected period
View Transaction details for all accounts for the selected period QuickZoom on the amount at the bottom of the Transactions column The Transaction Detail by Account report for all accounts for the selected period
View adjusting journal entries for one account for the selected period QuickZoom on the amount in the Adjustments column The Transaction Detail by Account report for that account for the selected period.
View adjusting journal entries for all accounts for the selected period QuickZoom on the amount at the bottom of the Adjustments column The Adjusting Journal Entries report for all accounts for the selected period
View Ending Balance details for one account QuickZoom on the amount in the Ending Balance column The Transactions by Account report for that account as of the To: date
View Ending Balance details for all accounts QuickZoom on the amount at the bottom of the Ending Balance column The Transactions by Account report for all accounts as of the To: date
Only show accounts with transaction activity in the selected period Check the box next to “Only show accounts with transaction activity” Only the accounts that have had transaction activity in the selected period, even if they have a net balance of zero (in which case QuickBooks displays 0.00 in the Transactions or Balance columns as appropriate).
Print the current view Click the Print… button at the lower right The Print dialog. Select either Portrait or Landscape orientation and any other options, then click Print to print the window.
Make an adjusting Journal entry Click the Make Adjustments… button at the lower right The Make General Journal Entries window, in which you can make adjusting entries.
Any questions on this please feel free to contact us!

About Alex Flores

Alex started with Presti & Naegele in early 2009. He has held the ProAdvisor Certification since 2008 and just recently became eligible and passed his Advanced Certification. Alex has worked as a full charge bookkeeper for over 10 years and began his QuickBooks training career in 2003.
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