Trial Balance for Party

Trial Balance for Party is the Trial Balance rewritten with one row per customer or supplier instead of one row per account: opening balance, debits, credits and closing balance for each party in the period. Its purpose is control: the sum of all customer closings must equal the Debtors account balance, and the sum of all supplier closings must equal Creditors. In the demo, Market mind investment group shows a closing credit of Rs 1,40,000 from the two unpaid bills, while Jivan Dahal closes at zero after paying Rs 36,160. Any party whose row looks wrong is then traced in the General Ledger filtered by that party. Run it at month end before sending statements or chasing payments.

Closing per party = Opening + Debits - Credits in the period; sum of all party closings = Debtors or Creditors balance

1. 01Go to Financial Reports > Trial Balance for Party.
2. 02Set Company, Fiscal Year 2083-2084, From Date and To Date, and Party Type Customer or Supplier.
3. 03Optionally set one Party to see a single customer or supplier.
4. 04Read Opening, Debit, Credit and Closing per party; Market mind investment group closes at Rs 1,40,000 credit.
5. 05Compare the grand total with the Debtors or Creditors balance in the Trial Balance for the same dates.
6. 06If they differ, run General and Payment Ledger Comparison and repost the vouchers it names.
7. 07Use the closing balances to prepare statements of account or the list of suppliers to pay.

Open at period end to confirm total receivables and payables match the control accounts.

Supplier Market mind investment group shows Rs 1,40,000 closing credit balance from two unpaid bills.