What Is Trial Balance

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What Is Trial Balance?
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A Presentation of TB Works Software An accounting
trial balance software created and designed by an
accountant for accounts.
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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.
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After every accounting period, a T Balance or
Trial Balance report is created for the purpose
of listing ending balance in each account.
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Total of all debits equals to the total of all
credits, is the primary goal of creating this
report (Trial Balance).
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This (Trial Balance) report is generally required
by auditors
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when performing the annual audit.
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Auditors normally transfer this report to any
auditing software
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Manual compilations of financial statements also
requires Trial Balance report.
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When the Trial Balance report is first created,
it is called Unadjusted Trial Balance.
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When the accounting team makes adjustments and
fix all the errors, then it is called the
Adjusted Trial Balance.
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The Trial Balance report is strictly compiled
from accounting records.
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Organizations with subsidiaries get an ending
trial balance report from each subsidiary.
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Trial Balance
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A Trial Balance Report is initially comprised of
the following columns
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• AccountName

• Ending debit balance (if any)

• Account Number

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• Ending credit balance (if any)

And
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Each line item contains only the ending balance
in an account
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An adjusted Trial Balance version may combine
both debit and credit columns into a combined
column.
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And, add columns to show revised ending balance
and adjusting entries.
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DATA SOURCE ACCOUNTINGTOOLS.COM
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Example Of a Trial Balance