The Trial Balance report in ROLLER is a financial report that provides a snapshot of the accounting balances for a specific date or period. It's essential for ensuring the accuracy of your financial records by confirming that total debits equal total credits.
In bookkeeping, a trial balance shows all general ledger account balances at a particular time. It's the first step in closing the books at the end of an accounting period. The trial balance includes all ledger accounts, with separate columns for debit and credit balances which should match.
When to use the report in ROLLER
Use the report to:
- Summarize account balances such as revenue, funds received, deferred revenue, accounts receivable, and more.
- Help close the books for an accounting period.
- Check and correct discrepancies in financial data in ROLLER.
Access the report
- From Venue Manager, go to Reports.
- Search for and select the Trial Balance report.
- Customize the date or date range for the accounting period you need.
What are debits and credits?
In double-entry bookkeeping, each transaction is recorded with both a debit and a credit. Debits, which are entered on the left side, increase asset and expense accounts. Credits, recorded on the right side, increase liability, revenue, and equity accounts. These entries have opposing impacts and should always be balanced.
Understanding debits and credits in the report
In the ROLLER report, debits and credits are categorized as follows and any discrepancy is calculated. A balanced report is ideal, but there can be imbalances.
Debits in the report
Term | Definition |
---|---|
Funds Received | The total amount of money received across various payment methods and sales channels, inclucing taxes, fees, and gratuities. Unlike the Detailed Product Sales and Revenue Recognition reports, where gratuities are excluded from Funds Received values, they are included here as based on overall funds received, not only products or booking items. |
Gift Cards Redeemed | The total monetary value of gift cards that guests have redeemed or used for purchasing products and tickets at your venue. |
Deferred Revenue Recognized | The total value of pre-purchased items which have been redeemed at POS, or expired due to non-attendance, for the reporting period. |
Accumulated Accounts Receivable | The total amount of money owed by guests for bookings that have past their scheduled date & time, but have not yet been paid for, accumulated over the reporting period. |
Gift Cards Discount |
The total discount value for gift card purchases includes both discounts applied through ROLLER's gift card discount codes and the value of complimentary gift cards issued via POS as complimentary tender or in Venue Manager without payment. |
Credits in the report
Term | Definition |
---|---|
Tax Payable | The total amount of tax owed on recognized revenue by reporting category. |
Net Revenue | The revenue amount remaining after taxes have been deducted by reporting category. |
Accumulated Deferred Revenue | Money received for bookings scheduled for the future, but not yet redeemed at POS or expired. |
Cash Variance | The difference between actual cash on hand and what was expected after POS tills are closed. |
Gift Cards Purchased | The total value of all gift cards that guests have purchased (not redeemed for products). |
Gratuity | The total amount of tips or gratuities received. |
Fee Revenue (including tax) | The total amount of fees collected, including any associated tax. |
Tax on Fees | The total tax amount charged on the processed fees. |
Accounts Receivable Collected | Payments received for outstanding amounts on bookings that have been past their scheduled date & time. |
Gift Card Discounts Used | This refers to the total amount of gift card discounts redeemed for purchases when guests use discounted gift cards. This includes the discounts from both gift card discount codes and complimentary (free) gift card values. |
Difference
The difference at the bottom of the trial balance report indicates any discrepancies between the total debits and total credits. Ideally, in a balanced trial balance report, the total debits should equal the total credits.
FAQ
Why might there be a difference in the report (eg not balance)?
Imbalances can occur due to manual adjustments in ROLLER not properly accounted for. For instance, if the value of an individual gift card is increased without properly recording the business being "paid for it", it can result in an imbalance. Contact our support team for unexplained differences.
How does the report track deferred revenue?
The Trial Balance report tracks deferred revenue in two ways: it measures both the total deferred revenue accumulated and the amount recognized (used or expired) within a period.
Specifically, the 'accumulated' figure shows the total deferred revenue collected during the reporting period. The 'recognized' figure, on the other hand, shows how much of this deferred revenue was actually redeemed or expired in that period. The difference between these two numbers reflects the overall change in deferred revenue for the period.