Preserving perfect financial records is important for every business. Accountants benefit a business track its expenditures and sources of income. Trial Balance Reports are used to tracks expenditures and income on a business' numerous accounts. Although the Trial Balance Report can be produced at any point-in-time, they are typically produced on a monthly or quarterly basis. You can generate the report in numerous applications, including Microsoft Office, Microsoft Excel or Quickbooks.
Businesses generate trial balances at the end of each period to view all of the accounts within its general ledger, and to confirm the accurateness of the entries. A general ledger is a book that tracks every account the business has, along with each account's current balance. Accounts are separated through categories which contain assets, liabilities, equities, revenues and expenses. All balances in the accounts are recorded as either debits or credits and the total amount of each should be equal. To run a trial balance, select that option on your accounting program or create one yourself.
