How to Generate a Journal Entry Report with Opening and Closing Balances

Generating the Journal Entry Report

Step 1: Log into Kwara
Visit https://app.kwara.com and log into your account.

Step 2: Navigate to Reports
Click on the Reports section in the left-hand menu.

Step 3: Select “Journal Entries”
From the list of reports, click on Journal Entries.

Step 4: Choose the GL Account
Select the specific General Ledger (GL) Account you want to report on.

Step 5: Filter by Date Range
Set the desired start and end dates for the period you wish to analyze.

Step 6: Download the Report
Download the report in your preferred format (Excel is recommended for editing and calculations).

Including the Opening Balance

Step 1: Generate a Trial Balance for the Previous Period
To determine the opening balance, pull a Trial Balance report ending on the day before your journal entry report period starts.

Example:
If your journal report covers 01/01/2024 to 31/12/2024, generate a Trial Balance ending on 31/12/2023. The closing balance from the Trial Balance becomes your opening balance for the journal report.

Step 2: Add the Opening Balance to the Journal Report
Manually add the opening balance as the first row in the journal report, assigning the value to the appropriate Debit or Credit column based on its nature.

Calculating and Including the Closing Balance

Step 1: Sum Total Debits
Add up all debit entries, including the opening balance.

Step 2: Sum Total Credits
Add up all credit entries, including the opening balance.

Step 3: Calculate the Closing Balance
Find the difference between the total debits and total credits.

Formula: Closing Balance = Total Debits – Total Credits

Step 4: Add the Closing Balance to the Report
Record this balance as the final row in your journal report, under the relevant Debit or Credit column depending on the balance type.