The Thomson Reuters Trial Balance CS product is a working trial balance accounting product that allows multiple users to access the file. When paired with the Thomson Reuters Engagement CS product, many features are added, including the engagement workflow and binder. The primary limiting feature on this product is that it only allows for annual periods to be reported.
Trial Balance CS allows users to choose the following:
- Entity type
- Company Segments
- Basis of Accounting (accrual, cash, tax, etc.)
Once the initial settings are chosen, the user can either enter transactions or import balances from a third-party system (most major accounting systems are supported with this product) or Microsoft Excel. After the initial account balances are in the product, users can create adjusting journal entries based on the needs of the engagement. Users have the option to create many different types of journal entries, including adjustment, reclassification, consolidation and tax.
The product comes pre-populated with many workpaper templates that can be easily customized. In addition to workpaper templates, the product has financial statement templates that can be customized, as well. All of the financial statements can be created within the software. Workpaper templates include customizable financial analysis templates that allow users to provide additional value to clients.
Once the user is ready to start the tax return, the trial balance can be easily exported to many major tax preparation packages. In addition to the features above, this product offers a very intuitive user interface, with very little training required to understand the layout and workflow of the system.