Download - What is Trial Balance?
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:
• Account
Name
• 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
Example
Of
a
Trial
Balance