How to update the Trial Balance with the audited report balance

Created by Olga Apondi, Modified on Wed, 11 Jun at 11:24 AM by Olga Apondi

This guide walks you through the process of reconciling your SACCO’s audited trial balance with the balances recorded in Kwara Core for a specific period. Discrepancies may sometimes arise where Kwara Core balances do not align with the audited report. In such cases, you must update the system to ensure correct opening balances for the next period.

Part 1: Zero-Rating the Existing Balances

1. Generate and Export the Trial Balance

From Kwara Core, generate the trial balance for the relevant period.
Export it as an Excel file.

2. Navigate to the Journal Entry Section

Open the Journal Entry section in Kwara Core to begin the zero-rating process.

3. Zero-Rate All Items
The objective here is to neutralize existing balances. Follow these rules:

Assets and Expenses:
- Positive balance (debit side) → Credit to zero-rate
- Negative balance (credit side) → Debit to zero-rate
Liabilities, Equity, and Income:
- Positive balance (credit side) → Debit to zero-rate
- Negative balance (debit side) → Credit to zero-rate

4. Set the Value Date and Submit

Add the correct value date for each transaction (typically the closing date of the period).
Submit the journal entry.

Note: A properly balanced trial balance should result in total debits equaling total credits.

Part 2: Uploading the Audited Trial Balance

1. Prepare the Audited Trial Balance

Ensure you have the audited trial balance in Excel or PDF format.

2. Access the Journal Entry Section

Go to the Journal Entry section in Kwara Core.
Add the required number of debit and credit lines based on the items in your audited TB.

3. Enter the Balances Correctly

Assets and Expenses:
- Positive balance → Debit
- Negative balance → Credit
Liabilities, Equity, and Income:
- Positive balance → Credit
- Negative balance → Debit

4. Add the Value Date and Submit

Set the value date to match the date of the audited report.
Submit the journal entry.