How to Create a Master Trial Balance

Once you import the trial balance filesA trial balance file should contain a single trial balance. The records within the trial balance should at least have a reporting unit, general ledger account code, beginning balance (optional), and ending balance. that you want to combine into master trial balancesA Master Trial Balance is a composite of various trial balances, which may be generated from different accounting systems, that shows entities, their master account codes and the beginning and ending balances for those accounts in a spreadsheet format., you can click Create Master Trial Balance in the navigation pane of General Ledger Manager to create them as follows:

1. Select the Year of the Account Map. This year determines the account mapsMaps that associate accounts in charts of accounts, which underly trial balance data files, to master accounts in a master chart of accounts. You must create and apply these maps to control how trial balance files are merged and summed in the creation of master trial balances. For example, you might map Petty Cash and Other Cash in a chart of accounts to the Cash master account in an account map. When trial balance files are merged to create a master trial balance, all of the Petty Cash and Other Cash accounts in the various files will be itemized and summed under Cash on the resulting master trial balance in accordance with the account map. and reporting unit rollupsA map that controls how General Ledger Manager “rolls up” reporting units under entities on a master trial balance. When applied in Create Master Trial Balance, this map overrides the system default of mapping reporting units as entities on a one-to-one basis in the creation of a master trial balance. that General Ledger Manager will make available to you in the succeeding steps.
2. Select the account mapMaps that associate accounts in charts of accounts, which underly trial balance data files, to master accounts in a master chart of accounts. You must create and apply these maps to control how trial balance files are merged and summed in the creation of master trial balances. For example, you might map Petty Cash and Other Cash in a chart of accounts to the Cash master account in an account map. When trial balance files are merged to create a master trial balance, all of the Petty Cash and Other Cash accounts in the various files will be itemized and summed under Cash on the resulting master trial balance in accordance with the account map. that you want to use to combine trial balance files. The selection of maps available to you is limited to only those that have the same tax year as the year of the account map that you selected. When you select a map, all of the trial balances that can logically be combined by that account map display in the trial balance grid below.

As previously stated, a chart of accountsNumbered lists of accounts, including the account codes and their names/descriptions, that make up the general ledgers of companies and that form the bases of trial balances. In General Ledger Manager, you must create a chart of accounts for each trial balance file that you will upload. To each chart of accounts, you must attach an import layout for each trial balance file. The charts of accounts and their import layouts will be applied to their respective trial balance files for file validation when the files are added to the application. gets associated to each trial balance added/uploaded to the Import Queue. Charts of accounts are mapped by administrators to a master chart of accounts in account maps. Therefore, when you choose an account map, General Ledger Manager offers for selection all of the trial balances that are associated with the charts of accounts that are in the account map that you select to create master trial balances.

3. Optionally, select a reporting unit rollup mapA map that controls how General Ledger Manager “rolls up” reporting units under entities in the creation of a master trial balance. When applied, these maps override the system default of mapping reporting units as entities on a one-to-one basis in the creation of a master trial balance. When such a map is applied in the creation of a master trial balance, only the reporting units that are associated to entities will be mapped in the master trial balance. . The selection of maps available to you is limited to only those rollups of the same year of the account map that you selected. You use a reporting unit rollup map when you want the reporting units in the trial balances that you are combining to roll up under entities. Otherwise, General Ledger Manager defaults to mapping reporting units as entities in a master trial balance.
4. Enter a Name for your master trial balance. The name that you enter will always be unique since General Ledger Manager time stamps it with the current date and time.
5. Optionally, you can make the trial balances that you combine into a master trial balance unavailable for future master trial balance creation. In other words, you can limit them to a one-time use by selecting this option. The trial balances will appear in Review Trial Balances as deselected in the Available for MTB Creation column.
6. In the trial balance grid at the bottom of the view, select all of the trial balances that you want General Ledger Manager to combine. Only those trial balances that can be logically combined using the selected account map will be available here.
7. Click Create to generate the master trial balance.
8. Review the status page that is displayed. If you created the master trial balance successfully, it will display in an Entity view for you. The Entity view shows you all of the entities in the master trial balance with the related master accounts and accounts nested within each entity.
9. Optionally, you can click Update Income Tax to add the master trial balance that you created to a ONESOURCE Income Tax binder. Or you can click View all master trial balances to go to Review Master Trial Balances. If you are using ONESOURCE Tax Provision, you will have access to the master trial balances from within ONESOURCE Tax Provision.