Trial Balance Report

A Trial Balance report is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It ensures that the account balances are accurately extracted from general ledgers. It is typically run at the end of an accounting period or at the end of an accounting year, and it validates whether the whole ledger is in balance. The supplied Trial Balance report consists of a single format showing opening balances, period movements, and closing balances. The report can be run either in base currency or in report currency if it is consistent throughout the ledger.

The report defaults to reporting the actual financial ledger, but reporting can also be done on financial data from other accounting books and ledgers. Movements on third-party accounts can also be reported in a Trial Balance for those systems which incorporate Account Payables and Account Receivables in a ‘single ledger’. Subtotals can be generated on the report according to the subsections which exist in a Chart of Accounts structure. This method of subtotaling is designed to meet the reporting requirements of those countries with a fixed Chart of Accounts.