A trial balance sheet is a financial statement that shows the total amount of debit and credit an organization has. It is usually presented in a ledger in order to accurately verify the accuracy of the balances. It is usually prepared at the end of an accounting year but it can also be prepared at any chosen period depending on the requirements or the preference of the organization. They can do it on a monthly, quarterly, half-yearly, or annually.
To help you prepare your trial balance sheets, we have six Sample Sheets that can help you prepare trial balance sheets in no time. Just check out all of the samples we have below.
Sample Trial Balance Sheet
Trial Balance Sheet Accounting
Trial Profit and Loss Balance Sheet
Trial Balance Sheet Example
Trial Balance Sheet Purpose
A trial balance sheet is ideal to be used by small businesses in order to keep track of the balances of the accounts in the business. Its focus is to ensure that the debit and credit are balanced or equal. If the total debit and total credit are not equal, this means that there is a mathematical error.
How to Prepare a Trial Balance Sheet?
- Establish the balances (debit and credit) of each account in the ledger.
- List all of the accounts and place the balances in which column they belong—debit or credit.
- Compute the total debit balances followed by the computing the total of the credit balances.
- Verify if the total of both balances are equal. If not, then indicate that there are some errors.
Why Use a Trial Balance Sheet?
A trial balance sheet is the starting point of preparing your financial statements. It helps you determine any mathematical error there is before you start finalizing your statements. Trial balance sheets can help you
- ensure that all the transactions that were recorded have the same total debt and total credit amount,
- ensure that all the balances have been computed correctly, and
- ensure that all the accounts have been transferred on the correct side of the sheet.
You may also check out Sample Weekly Time Sheets.
Blank Trial Balance Sheet
Printable Trial Balance Sheet
Extended Trial Balance Sheet
Trial Balance Sheet vs. Balance Sheet
Both of these accounting sheets have the purpose of ensuring that all the accounts have been credited for accurately. However, the difference between the two is that a trial balance sheet is an internal report that will remain in the accounting department of the business whereas a balance sheet is a financial report that a business will use when it comes to credit grants and loan applications to represent the current financial standing of the business. One more thing about balance sheets is that only the asset, liabilities, and equity are reflected. See Sample Balance Sheets.
Why Use Trial Balance Sheet Templates?
- There are six templates that come in different designs, layouts, and outlines.
- Making use of these templates will help you save time and effort when it comes to creating your own trial balance sheet.
- You can download all of these templates for free. They come in three file formats—Excel, Word Document, and PDF. You can choose the file format you can easily make use of.
- These are high-quality documents with text guidelines to ensure you are able to easily identify which accounts are for the debit column and which ones are for the credit column.
- By using these samples, you are sure to make a balance sheet easily without encountering many problems.
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