Trial Balance

The trial balance report type is a financial accounting worksheet used to ensure a correct balance for the debits and credits of all general ledger accounts.

Benefits:

• Error detection: The main purpose of a trial balance is to help identify errors in the accounting system. Because the total debits and credits must balance, any errors will cause the trial balance to be out of balance. This helps accountants identify and fix mistakes before they cause problems with the financial statements.

• Preparation of financial statements: The trial balance is used as a starting point for the preparation of financial statements, such as the income statement and balance sheet. By ensuring that the trial balance is balanced, accountants can be confident that their financial statements are accurate.

• Improved financial accuracy: By using a trial balance, accountants can help to ensure that their company's financial records are accurate and up-to-date. This is important for a variety of reasons, such as complying with tax regulations and making sound business decisions.

The following are the available reports for Trial Balance:

• Trial Balance
• Trial Balance - Version 2