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Trial balance to financial statements workbook

Enter your trial balance and get the totals, the profit, the assets and the liabilities, with a check that it balances.

Trial balance to financial statements workbook template

A trial balance is the starting point for the year-end accounts. Enter each account with its type and its debit or credit balance, and the workbook adds the debits and credits, checks that they agree, and works out total income, total expenses, net profit, total assets and total liabilities, so you can see the shape of the accounts and spot an error before you go further.

Accountants, bookkeepers and finance managers who prepare year-end accounts from a trial balance.

What is included

  • Account, type and debit or credit balance
  • Check that debits equal credits
  • Total income, expenses and net profit
  • Total assets and total liabilities
  • Summary of debits by account type with a chart

Screenshots

  • Trial balance of Trial balance to financial statements workbook
  • Debit balances by type of Trial balance to financial statements workbook

How to use it

  1. Enter each account name and choose its type.
  2. Enter its balance in the debit or credit column.
  3. Check that the difference at the top is zero.
  4. Read the profit, the assets and the liabilities.

Templates are tools to help with your own records. They are not tax or legal advice. Check the figures against official sources before filing or paying.

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What the trial balance to financial statements workbook does

A trial balance is the starting point for the year-end accounts. Enter each account with its type and its debit or credit balance, and the workbook adds the debits and credits, checks that they agree, and works out total income, total expenses, net profit, total assets and total liabilities, so you can see the shape of the accounts and spot an error before you go further.

Who it is for

Accountants, bookkeepers and finance managers who prepare year-end accounts from a trial balance.

How to use the workbook

  1. Enter each account name and choose its type.
  2. Enter its balance in the debit or credit column.
  3. Check that the difference at the top is zero.
  4. Read the profit, the assets and the liabilities.
  5. Save a copy under a new name for each month or year, so earlier records stay as they were.

What is inside

  • Account, type and debit or credit balance
  • Check that debits equal credits
  • Total income, expenses and net profit
  • Total assets and total liabilities
  • Summary of debits by account type with a chart

The workbook has these sheets: Instructions, Trial balance, By type. The main table has the columns Account; Type; Debit; Credit. Yellow cells are for you to fill in and grey cells calculate by themselves, so leave the grey cells alone. The example rows show how it works; type over them with your own entries.

Tips for getting it right

  • If the trial balance does not balance, look for a missing or reversed entry.
  • Use one line for each account in your ledger.
  • Enter assets and expenses as debits, and income, liabilities and equity as credits.
  • Keep the trial balance with the signed accounts.

Why keep this record

Accounting records let you answer three questions at any time: what came in, what went out and who owes whom. Kept consistently they also make tax returns, loan applications and the sale of a business much easier, because the evidence is already organised. Entering transactions the day they happen is far cheaper than reconstructing them at year end.

Questions people ask

Do I need to know Excel formulas? No. Type into the yellow cells and the rest is worked out for you. The formulas are visible if you want to see how a figure is reached.

Can I add rows or change the layout? You can add your own columns to the right and your own notes. If you insert rows inside a table, copy the grey formula cells down so the new rows calculate too.

Will it work on my phone or in Google Sheets? Yes for viewing and typing, but dropdown lists and the charts look best in desktop Excel or LibreOffice.

Keeping it safe and up to date

Good accounting records are a legal duty as well as a management tool: keep the supporting receipts and invoices with the workbook, and keep each year's copy for at least five years. Work on a copy, never on your only file, and back it up.

Read how to keep business records for KRA for the wider picture. Free calculators that go with it: Corporation tax calculator. See more accounting templates or ask us for a custom one.

The workbook works in Microsoft Excel, LibreOffice and Google Sheets. It is a tool to help you work out and record figures, not tax, legal or accounting advice, and it is not affiliated with the Kenya Revenue Authority. If something does not work as described, contact us and we will put it right.

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