Books to trial balance
As explained before Gold Reef Bookkeepers can be responsable for your full accounting function and that includes Books to trial balance. The trial balance is a summary of your debits and credits whereby the totalsum of the credits and the total sum of the debits must cancel each other out to equal zero.
The trial balance also indicates if a business is making a profit or running at a loss and from a business perspective it is of great importance. We need your bank statements, cheques, petty cash book, payslips, expense and sales invoices to draw upp the trial balance.
The trial balance plays a major role each year end when an income statement is compiled for tax purposes. The financial statements are then sent to our auditors and from there to SARS.
To prevent any serious discripiencies a trial balance needs to be compiled on a monthly basis.
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