trial balance


Also found in: Dictionary, Thesaurus, Acronyms, Wikipedia.
Related to trial balance: balance sheet

Trial balance

Prepared at the close of an accounting period, it is a record of general ledger account titles with their respective debit and credit balances.

trial balance

a listing of the balances on a firm's LEDGER accounts that is prepared prior to the PROFIT-AND-LOSS ACCOUNT and BALANCE SHEET, as an initial check on the arithmetic accuracy of the ledger accounts.

If the total of all DEBIT balances in ledger accounts equals the total of all CREDIT balances in ledger accounts then this suggests (but does not guarantee) that the DOUBLE-ENTRY ACCOUNTS have been accurately recorded and that the data from them might be used to prepare the profit-and-loss account and balance sheet.

References in periodicals archive ?
* Posting entries that management has approved to the entity's trial balance.
On page 15 of its January 31, 2018, Trial Balance, the Assembly spent GH?103,373.60 on End of Year party and another GH?11,280 on entertainment and refreshment.
These values need to find their way into the recurring report, in this case the balance sheet, in an automated way Two typical problems encountered when trying to get the trial balance data to flow into the balance sheet are that the category labels are different and that multiple accounts may need to be aggregated to flow to a single report line.
This would make the accounts receivable trial balance appear to be 99% current--management loved that.
The improvement plan states: "To ensure that an accurate set of draft accounts is produced, the Corporate Finance Team should ensure that it produces both a detailed and summary trial balance report from the Voyager system at key stages throughout the year.
You were also introduced to the document called the trial balance.
However, most of the integration routines use some type of trial balance application, such as Trial Balance CS or ProSystem fx Trial Balance, as an intermediary application.
As I prepare to leave the NSA Presidency, I feel that I am at a time to attempt a "trial balance" of the last twelve months.
AJE Description DR CR Effect on net income Income per trial balance $1,864,000 1 2
Nor do they always break it out among state, foreign and federal tax expenses at the separate company trial balance level.
Venkatrathnam guide readers through the concepts and processes that every bookkeeper needs to know, including: single-vs double-entry bookkeeping, cash- vs accrual-basis accounting, posting financial transactions, keeping a "paper trail" of source documents, preparing a trial balance, creating financial statements, establishing internal controls, preparing for the annual audit, and closing out the fiscal year.