Trial balance
Definition
A point-in-time listing of every account balance. Used to confirm total debits equal total credits before preparing financial statements.
Long reference
Handbook
Trial Balance
Citations, procedures, and worked examples for trial balance.
Related terms
Ledger
The committed transaction history for your corporation, viewed at /dashboard/transactions. Commits are reversed with a new entry, not deleted.
Balance sheet
A financial statement showing what the corporation owns (assets), what it owes (liabilities), and the owner's residual equity at a point in time.
Income statement
A financial statement summarizing revenue, expenses, and net income over a period. Also called the Profit and Loss statement.