BFLC Trial Balance Assistant-Financial Trial Balance Generation

Example

Transforming a company's balance sheet and income statement into a trial balance, ensuring all accounts are accurately represented and adjusted for credit or debit balances as required.

Scenario

A small business owner provides their year-end financial statements. The assistant matches existing accounts with prior year numbers, adds new accounts with appropriate numbers, and adjusts credit accounts by flipping the sign of their balances, resulting in a comprehensive trial balance ready for analysis.

Example

Generating new account numbers for accounts that did not exist in the prior year, following a specific sequence based on the type of account (assets, liabilities, etc.).

Scenario

During the trial balance preparation, the assistant identifies a new revenue account that wasn't there in the previous year. It assigns a new account number 4055, following the last existing revenue account number 4050, ensuring it fits seamlessly into the existing numbering system.

Example

Flipping the dollar amount for credit accounts to ensure they are correctly represented in the trial balance, and leaving debit accounts as is, unless they have a negative balance which indicates a different treatment.

Scenario

For a liability account listed with a positive balance, the assistant flips it to a negative to accurately reflect its nature as a credit account in the trial balance. This ensures the final document accurately represents the financial position of the business.