Get the free Post-Closing Trial Balance - State Treasurer's Office

1CSTARG02 0985 (BEST: A1 OTL1) BY,0,0,0,1,, ,, ,,, ********** RUN:08/15/16 TIME:06.00 PRIOR FISCAL YEAR: 2015 0(ORG)******************* 1(FUND) FUND(ALL)********* CALIFORNIA SCHOOL FINANCE AUTHORITY PRE-CLOSING

How to fill out post-closing trial balance

How to fill out post-closing trial balance

1. To fill out a post-closing trial balance, follow these steps:
2. Gather the general ledger accounts: Collect all the information related to the various general ledger accounts, including their names and balances.
3. Exclude temporary accounts: Exclude the temporary accounts (such as revenue and expense accounts) from the trial balance, as these accounts are closed out at the end of the accounting period.
4. Determine the final balances: Calculate the final balances for each remaining general ledger account after the closing entries have been made.
5. Prepare the trial balance: Arrange the remaining general ledger accounts in a trial balance sheet, listing the account names and their corresponding final balances.

Who needs post-closing trial balance?

1. The post-closing trial balance is primarily needed by the company's internal accounting department, auditors, and financial analysts.
2. Internal accounting department: It helps the accounting department ensure that the company's books are accurately closed and all temporary accounts have been properly adjusted.
3. Auditors: Auditors use the post-closing trial balance as an essential tool during the audit process to verify the accuracy of financial statements and ensure compliance with accounting standards.
4. Financial analysts: Financial analysts use the post-closing trial balance to analyze the company's financial performance and make informed business decisions.

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What is post-closing trial balance?

A post-closing trial balance is a list of all the accounts and their balances after the closing entries have been made at the end of an accounting period. It ensures that total debits equal total credits and that the accounts are correctly closed.

Who is required to file post-closing trial balance?

Typically, businesses and organizations that maintain a formal accounting system and prepare financial statements are required to file a post-closing trial balance.

How to fill out post-closing trial balance?

To fill out a post-closing trial balance, list all accounts with non-zero balances after closing entries, placing debits in one column and credits in another, and ensure that the total debits equal total credits.

What is the purpose of post-closing trial balance?

The purpose of a post-closing trial balance is to verify that the general ledger is in balance after closing temporary accounts, providing assurance that financial statements can be accurately prepared.

What information must be reported on post-closing trial balance?

The post-closing trial balance must report the account names and their respective balances for all permanent accounts, which include assets, liabilities, and equity.