# Trial Balance and Adjustments

trial-balance-ui

This is entry section to the financial section of the auditing process. It allows you to upload the trial balance and make necessary adjustments.

The links under this section are as follows:

# Preparing a CSV file

The ICPAK Audit Software accepts data in form of a CSV file. To guide you on how to prepare a CSV file with the trial balance data, download the CSV file template from the Audit Software under the Trial Balance > Upload CSV file section.

IMPORTANT NOTICE

Please note that the software will use the account numbers to match the financial records in the subsequent audits. For example, if this year's account number 1234 is Cash at hand, the software expect that next year's cash at hand entry to have the same account number 1234. The software will automatically map the entry for you to Cash at hand next year for this particular client. If there is an new account number in the trial balance, you will have to manually map the TB entry.

The CSV file for the first auditing process differs from the one for subsequent audits as follows:

# First Time Audit Process CSV File

  • Upload a balancing trial balance with the current year balances and previous year balances. (6 columns)

first time

# Second and Subsequent Audit Process CSV File

  • Prepare a balancing trial balance with the current year balances only. (4 columns). The previous year data will be already fetch from the previous file automatically.

WARNING

The values should not have commas and decimals e.g 3,456.80 but should be rounded off to 3457

second time

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  • The first row should be headings e.g ACCOUNT NUMBER, ACCOUNT DESCRIPTION, CURRENT YEAR DR, CURRENT YEAR CR, ETC as indicated on the above screenshots.
  • Make sure you have all your trial balance data in one sheet as indicated below:

sheet

  • Once you have prepared the file, save the excel file as a CSV format as indicated below:

save as csv

# Uploading Trial Balance

WARNING

You can only upload a trial balance which is balancing!

Upload-CSV

# Mapping Trial Balance Entry

TIP

Watch this video in fullscreen mode to understand the mapping process

Once you have uploaded the trial balance, you must map the ledgers to the right chart of accounts.

The process of mapping accounts is as follows:

  1. Select the ledger account on the left (Trial Balance you uploaded)
  2. Select the corresponding account on the right (Mapping Section)
  3. Click ‘Map’ button to map the account

To unmap an account, select the mapped ledger account from the mapped sections and click unmap as indicated below:

mapping

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  1. Only mapped accounts will appear in the financials in the system
  2. You can map multiple accounts by selecting related ledger accounts into one mapping account.
  3. You can only upload the trial balance once per file.

Mapping will remove the selected ledger account from unmapped and takes it to the right side (Mapped accounts)

# Unmapping Trial Balance Entry

You can ‘unmap’ the account by selecting the mapped account and click ‘Unmap’ button as follows:

# Deleting an uploaded trial balance

When you a trial balance with an error, you can request one of the partners to delete it and allow you to upload the CSV file again.

tb

# Audit Programme

This is an audit file for Opening Balances, Comparatives and Trial Balance.

# Client’s Draft Accounts

WARNING

Please remember to edit these reports templates:

  • Report of the directors
  • Statement of directors' responsibilities
  • Report of the independent auditors

cda

This section allows you to write the reports and description for notes. The financials are generated automatically when you map the trial balance.

# Adjusting journal entries

During audit process, you will occasionally need to adjust the data that were uploaded in the trial balance. This section allows you to post the adjusting journals into the Audit Software.

TIP

You can pass a multiple journal entries affecting more than 2 accounts at a go.

# General Ledger Audit

The objective of this section is to ensure that the general ledger cast is correct and that the trial balance is correctly extracted and in agreement with schedules provided by the client.

Last Modified: 3/10/2020, 12:32:18 PM