From closing trial balance to linked Excel statements

1. Import the closing balances—not the movement columns

Choose closing trial balance in the import wizard. Select the worksheet and actual header row, excluding report titles, subtotal rows and repeated headings. Map the GL code, description and either separate debit/credit balances or one signed balance. A file with opening, movement and closing sections needs the closing figures for this step.

The fictional example has bank 12,000, receivables 3,000 and rent expense 1,000 on the debit side; payables 2,000, capital 10,000 and revenue 4,000 on the credit side. Both totals are 16,000. Check the totals independently before proceeding. Numeric zeroes avoid ambiguity in exported templates.

Choose one functional currency; CloseSentry does not convert currencies. Excel formula cells use saved values during import, so recalculate and save the source first. If your report displays whole amounts but stores more decimal places, inspect the import's rounding option and the resulting reconciliation.

2. Map each account to a reviewed line item

A bank-named account is not automatically cash: a deposit may be restricted or have terms that change its classification. Use facts and accounting policy, not the label alone. Create or import custom line items, use the unmapped filter and confirm classifications only after reviewing them. See the mapping checklist.

3. Understand the resulting P&L and balance sheet

The example's P&L shows revenue of 4,000 less rent expense of 1,000: profit of 3,000. Assets are 15,000. Liabilities are 2,000 and contributed capital is 10,000; current-period profit of 3,000 completes the illustrative equity bridge. Assets of 15,000 therefore equal liabilities plus equity of 15,000.

This assumes the closing TB contains fiscal-period revenue and expense balances before they are transferred into equity. Confirm that basis in the reporting controls. Do not include the same current-period profit both in P&L accounts and again as an equity transfer. A mid-year YTD TB also does not, by itself, give the current month's P&L; request the appropriate period ledger or prepare supported period balances.

Rename and reorder line items in Statement layout & notes. Add entity-specific explanations. Drafts should reconcile before cosmetic formatting begins; presentation cannot repair an omitted or misclassified balance.

4. Keep statements, notes and source balances connected

The exported workbook links face statements to supporting notes, and notes to mapped trial-balance balances. Posted, balanced journals feed the TB adjustment column; draft adjustments do not. Review journal support and period dates before posting. Do not overwrite a formula with a typed total just to make the workbook look right.

Numbered note schedules help a reader trace balances, but they are not a full statutory disclosure set. Add required accounting policies and narrative only when prepared for the actual entity. Opening balance-sheet columns are not represented as a complete prior-year comparative statement.

Open the download in Excel, recalculate and inspect formula references and the actual print preview before issuing it. The A4 formatting checklist explains how to exclude working columns without deleting them.

Why two TBs are not enough for an automatic cash-flow conclusion

An opening and a closing TB reveal balance changes, but the changes may include cash transactions, depreciation, fair-value movements, acquisitions, reclassifications or other non-cash entries. Those movements need supporting records and reviewed treatment.

For an existing entity, upload and confirm brought-forward opening balance-sheet balances. Prior-period income and expenses must have been closed into the relevant equity account. For a genuine first reporting period, confirm zero openings only if that is true. Direct TB-only cash flows need supported gross cash receipts/payments; indirect preparation needs reviewed non-cash and working-capital classifications plus supporting movements.

The software must leave cash flows marked not prepared when evidence is missing, rather than force a reconciliation with a plug. For the authoritative framework, consult IAS 7 from the IFRS Foundation and the reporting requirements that apply to the entity.