Incorrect trial balance reports
Reposting here since I did not receive a satisfactory response from Zoho support.
Our company follows the financial year Apr-Mar. However, for group reporting purposes we use the Jan-Dec year. When I tried extracting the trial balance for Jan-Apr 2021 (using the custom period option), I noticed that only transactions between the Jan-Apr were shown with no impact of opening balance for balance sheet items. This gives a very wrong picture of the books of accounts. The whole point of extracting a trial balance is to have the impact of opening balances adjusted in the balances that are shown. If your trial balance for a range of dates only shows the net transactions during the period, it is not a trial balance but just a statement of transactions during the period. I strongly suggest that this feature be rectified immediately.
Since I was unable to get the desired result, I extracted a report with opening balances. Here I noticed that even profit & loss items show an opening balance. I don't know how profit & loss items can have an opening balance. The profit & loss impact has to be adjusted in the profit & loss balance under reserves & surplus in the balance sheet. Request that the necessary changes be made to the trial balance report so that it show accurate results.
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