The Trial Balance is a report that shows the balance of each active account as of a specified date, usually the end of the month.
To access the Trial Balance report:
1. Go to the Reports drop down.
2. Click Financial.
3. Select Trial Balance.
4. You can use the filters at the footer of the report to further tailor your report results.
5. Click the Refresh button to update the report using the selected filters.
Account balances are shown in debit and credit columns. An accountant runs this report before preparing financial statements to make sure the debits and credits are equal to one another. When the trial balance is in balance, the financial statements can be prepared.
The table below shows the account types on the trial balance report and whether they represent a credit or debit on the report.
| Account Type | Debit | Credit |
|---|---|---|
| Bank | X | |
| Accounts Receivable | X | |
| Other Current Asset | X | |
| Fixed Asset | X | |
| Other Asset | X | |
| Accounts Payable | X | |
| Credit Card | X | |
| Other Current Liability | X | |
| Long Term Liability | X | |
| Equity | X | |
| Income | X | |
| Cost of Goods Sold | X | |
| Expense | X | |
| Other Income | X | |
| Other Expense | X | |
| Deferred Revenue | X | |
| Deferred Expense | X | |
| Unbilled Receivable | X | |
| Non-posting |