BFLC Trial Balance Assistant-AI-driven trial balance conversion

Example

A user provides a balance sheet and an income statement for a company. The assistant processes both documents, matching accounts with prior year account numbers, adding any new accounts with amounts greater than zero, and flipping credit balances for liabilities and equity accounts.

Scenario

An accountant needs to prepare a trial balance from the year-end financials. After inputting the financial data into the assistant, it generates a trial balance with account numbers, names, and adjusted amounts, ready for further analysis or reporting.

Example

The assistant detects that a new revenue account exists in the income statement but has no corresponding prior year account number. It assigns a new account number and includes it in the trial balance if the amount is non-zero.

Scenario

A company introduces a new product line, resulting in a new revenue stream. When generating the trial balance, the assistant detects this new revenue account and assigns it an appropriate number within the revenue section, ensuring it is accurately reflected.

Example

The balance sheet shows a liability of $10,000. The assistant automatically adjusts the liability account by flipping the sign to reflect it as a credit (-$10,000) in the trial balance.

Scenario

During financial review, a bookkeeper notices that certain liability accounts are not appearing correctly in the trial balance. By using the assistant, these accounts are automatically adjusted to reflect the correct debit/credit structure, ensuring that the trial balance is accurate.