What Is Trial Balance?

A Presentation of TB Works SoftwareAn accounting trial balance software created

and designed by an accountant for accounts.

If you are associated with accounting or finance, exit now. But for those, who have very little or NO understanding of accounting and How Trial Balance Work, then slide more to find out.

After every accounting period, a T Balance or Trial Balance report is created for the purpose of listing ending balance in each account.

Total of all debits equals to the total of all credits, is the primary goal of creating this report (Trial Balance).

This (Trial Balance) report is generally required by auditors

when performing the annual audit.

Auditors normally transfer this report to any auditing software

Manual compilations of financial statements also requires Trial Balance report.

When the Trial Balance report is first created, it is called “Unadjusted Trial Balance”.

When the accounting team

makes adjustments and fix all the errors, then it is called the “Adjusted Trial Balance”.

The Trial Balance report is strictly compiled from accounting records.

Organizations with subsidiaries get an ending trial balance report from each subsidiary.

Trial Balance

A Trial Balance Report is initially comprised of the following columns:

• AccountName

• Ending debit balance (if

any)

• Account Number

• Ending credit balance (if

any)

And

Each line item contains only the ending balance in an account

An adjusted Trial Balance version may combine both debit and credit columns into a combined column.

And, add columns to

show revised ending balance

and adjusting entries.

We have made trial balancing simple with our state of the art trial balance software“TB Works Trial Balance Software”Visit www.TBWorksSoftware.com to get a FREE Demo now.

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DATA SOURCE:ACCOUNTINGTOOLS.COM

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Trial Balance