Balances are auto-calculated sums of the entries for a given account or account set, providing a snapshot a financial position. Balances play a crucial role in accounting, as they provide a snapshot of an account's value at any given time. In the Twisp system, accounts and balances are closely related.
Balances in Twisp...
- Are automatically calculated as entries are written
- Separate debit and credit balances maintained
- Are attached to a specific account, journal, and currency
- Roll up into normal balances based on account's normal balance type
Components of a Balance Record
- Account: determines which account's entries the balance is computed with.
- Entries: list all the entries used to compute the balance. The most recent entry is also stored as a reference.
- Journal: is the journal from which entries are pulled to compute the balance. Each account's balance is calculated per journal.
- Currency: is the currency used by entries in the balance.
- Balance Amounts for each layer (SETTLED, PENDING, ENCUMBRANCE, and the dyanmic AVAILABLE layer), which contain the sums for...
- The debit balance of the account
- The credit balance of the account
- The normal balance, which is calculated difference between credits and debits (for credit-normal accounts) or between debits and credits (for debit-normal accounts).
Balance records also maintain Created & Updated Timestamps as well as their Version & History.
Use GraphQL queries to read balances directly:
To learn more about querying balances, see the tutorial on Pulling Balances.
For more context on how balances work, see Balances.
To review the GraphQL docs for the
Balance type, see Balance.