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Written by Nilesh Jethwasome overview on Financial reports
The trial balance ensures that total debits equal total credits. This is the basis of the double-entry bookkeeping system. It tells you whether or not your accounts balance.
The balance sheet is a snapshot of the financial position of a company. It is one of the key reports included in regulatory reporting. Like most financial reports, it is used for external purposes by investors, customers, and creditors. The balance sheet demonstrates the following accounting principle:
Assets= Capital + Liability
Whereas the content is similar, the format and layout of the balance sheet vary from company to company. The essence, though, is to show all assets of the company with a total, and to show all capital and liabilities of the company with a total.
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4 Comments to “Trial Balance and Balance Sheet”
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September 12th, 2007 at 5:14 pm
Hi this may be off topic, but I was wondering if you can help me. I been asked by the accountant for Trial Balance report, however, in my QuickBooks I don’t have anything under that name, but I have something called Journal. And by the definition looks like it may be it. Can you tell me if the Trial Balance and Journal are the same thing. Thanks, Anna
September 19th, 2007 at 4:35 pm
In Quickbooks, go to Reports -> Accountan and Taxes -> Trial Balance
Regards
Nilesh
November 8th, 2007 at 6:28 am
sometime trial balance is not equal in and finally it is very difficult to prepare balance sheet, in such a suituation can we consider remanining a amount as a suspense A/c?
kindly suggest
November 8th, 2007 at 6:34 am
when the both side of trial balance (cr side) & (dr) is not equal can we consider the remanining amount as a suspense A/c?