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Trial balance import
Trial balance import

How to import a trial balance into Syft

Nikhita avatar
Written by Nikhita
Updated over 3 months ago

A trial balance import on Syft consists of creating a trial balance import entity and uploading your trial balance to that entity. When uploading a trial balance, Syft will generate a template for you to populate with your data, making the uploading easier. When generating this template, you can select:

  • A format (this will be a trial balance by default)

  • An interval

  • A data type

  • A start date

  • An end date

And when uploading your trial balance, you can choose between Movement and Cumulative YTD.

How to create a trial balance entity

To get started with your import, follow the steps below:

  1. Click “Add entity” at the top right of your screen

  2. You will be redirected to the add entity setup page, where you can select “Trial Balance Import”

  3. Syft will take you to the new entity setup page where you will fill in a name for your entity, the country, base currency, accounting basis and the financial year end

  4. Click “Next”

Your trial balance entity has now been setup on Syft! After this, you can upload your trial balance to the entity using one of our upload methods.

Spreadsheet Link upload method

Use Spreadsheet Link on Excel or Google Sheets to upload your trial balance to your newly created entity in Syft. Spreadsheet Link allows you to upload your trial balance directly from Excel or Google Sheets without having to download and manually upload the file. Get Spreadsheet Link:

The upload steps are also found within the "Upload data" button on Syft, as shown in the image below:

After you have downloaded Spreadsheet Link, follow the steps below:

  1. Login to Spreadsheet Link within Excel using your Syft account by clicking "My Account" within the "Syft" top tab

  2. Click "Upload data to Syft" in the side menu

  3. Click "Trial Balance"

  4. Select the entity that you want to upload data for (your newly created entity), select the upload type (Cumulative YTD or Movement) and the Excel sheet you would like the template to be generated in

  5. Click "Generate template"

  6. Select your interval, column data type and the start and end dates for your data

  7. Click "Generate Template"

  8. Populate your chosen sheet with your trial balance data.

  9. Once you have populated your sheet, click "Validate". This will indicate any errors in your data and you can jump straight to the errors by clicking on the pencil icon next to the error.

  10. Once your upload has been successfully validated and you are sure you are uploading data for the correct entity, click "Upload".

Accounting provider exporting tips

The accounting provider upload method includes the following steps (Quickbooks Desktop is used as an example):

  1. Login to your entity on Quickbooks Desktop

  2. Click "Reports" in the top menu bar

  3. Click "Accountant & Taxes"

  4. Then click on "Trial Balance"

  5. In the Trial Balance window, select the date "This Fiscal Year-to-date"

  6. Select "Excel" followed by "Create new worksheet"

  7. In the create new worksheet window, ensure that "Create new worksheet" and "In new workbook" are both selected.

  8. Open the advanced settings and ensure all four of the "QuickBooks Options" are selected as well as "Include QuickBooks Export Guide worksheet with helpful advice". Also ensure that, under "Show report header", "On printed report only" is selected. Leave the other options in their default states.

  9. Click "Export"

  10. Upload your file to Syft using Spreadsheet Link.

Steps to export a CoA from QuickBooks Desktop (Optional)

  1. Click "Reports" in the top menu bar.

  2. Then click on "List".

  3. And then click on "Account Listing".

  4. In the Account Listing window, select "Excel" followed by "Create new worksheet".

  5. In the Create new worksheet window , ensure that "Create new worksheet" and "In new workbook" are both selected.

  6. Open the Advanced settings and ensure all four of the "QuickBooks Options" are selected as well as "Include QuickBooks Export Guide worksheet with helpful advice", leave the other options in their default states.

  7. Click Export

Important Info

  • Data can be cumulative YTD or movement for the period

  • The classification of accounts is required

  • The sub-classification of accounts is optional - you can do it later in Syft

  • An explanation of the classifications and subclassifications can be found in the 'Classification' sheet

  • For single column entries debits are positive and credits are negative for all accounts

  • Summative lines like ‘Gross Profit’ or ‘Total Assets' etc. must not be included. Syft will generate these for you

  • The equity account where the annual profit and loss is cleared to, must be named 'Retained Earnings'

  • Any accounts with the same name and classification will be combined into one account

  • Numbers using a comma as a decimal separator are invalid

Movement vs Cumulative YTD upload type

  • Cumulative YTD: Select this option if your trial balance import shows the total value of the balance sheet and profit and loss accounts to date, ie. Total sales to date or total Equipment to date. Each period the movement for that account will be added to the previous period's cumulative YTD value to get to the new cumulative YTD value.

  • Movement: Select this option if your whole trial balance import shows the movement in each account for each period, ie. if a balance sheet account had no movement (did not increase or decrease in that period), then its value in that period will be nil, even if there is a value for that account for the whole year.

💡 Pro tip

Your balance sheet is usually cumulative and your profit and loss statement is usually on the movement basis but you would need to make sure the whole trial balance is on one method

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