Accounting
Trial Balance
Definition
|
4 Related Terms
What is Trial Balance?
Trial Balance is a statement showing the closing balances of all ledger accounts as on a specific date, arranged in debit and credit columns. It verifies the mathematical accuracy of bookkeeping by ensuring total debits equal total credits. Trial Balance serves as the foundation for preparing financial statements like Balance Sheet and Profit & Loss Account. In Tally, trial balance can be viewed anytime with drill-down capability to underlying transactions.
Related Terms
People Also Search For
trial balance
trial balance format
what is trial balance
trial balance in accounting
Need Help with Accounting?
Our certified experts can help you with accounting setup, financial reporting, and bookkeeping.