Trial Balance
BenchStep ERP provides you with all of the reports that a good specialist requires. The Trial Balance Summary is one such example; it is used to confirm that the entries in a company's bookkeeping system are mathematically correct. Although employing software that is by definition free of such errors, it is still a good tool for preparing for the period ending operation.
If you're not familiar with the term, you can learn more about it here. A trial balance is a list of all the general ledger accounts in a business's ledger, both revenue and capital. The name of each nominal ledger account from the Chart of Accounts, as well as the value of that nominal ledger balance, will be included in this list. There will be a debit balance or a credit balance in each nominal ledger account.
Trial Balance is an accounting statement which gives us closing balances of the GL . In a trial balance we have particulars , debit balances and credit balances. Debit Listing all Assets, Expenses and Credit Listing all Revenues, Equity and liabilities. The trial balance must tally which means total debits must be equal to total credit.
