Sales Revenue closing balance negative in trial balance report

Kinetic ERP
1

Hi,

Is it normal to have negative period closing balance for sales revenue account in “trial balance report” ?

As per my finding, Increase in sales revenue is credit in the financial book. And trial balance report’s closing balance is calculated by debit - credit. Therefore attached screenshot is showing negative closing balance for sales revenue.

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Kindly share your thoughts and experience. Thanks

2

Check the journal activity…credit memo perhaps?

3

Thanks @JMPCONJ , No credit memo. Actually I configuring a new company for a simple “quote to cash” scenarios. And I just did once cycle of SO>JOB>SHIPMENT>AR INVOICE > CASH RECEIPT.

Below are financial setting for sales account.

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4

Only thing that jumps out to me - no effective date on segment 4020. Afraid I can’t do much more than this as I didn’t set up our financials…but I did look at one of our accounts and all have an effective date.

5

Thanks… Any input is most welcome :slightly_smiling_face: , transaction is hitting sales revenue account. This mean GL setting is coming into play… but bit confused about this negative closing balance thing in trial balance.

6

This is normal in accounting an Income account is a credit account and will show as a negative.
Sales, Profits, and Equity are Negative Numbers in Accounting

2 Likes
7

The trial balance report shows credit balances as a negative so that all account balances will total to zero. This is normal accounting behavior as Melinda said.

1 Like
8

thanks @Melmoy for your input.

9

thanks @tsmith for you input.