What is Trial balance?
Finance & accounting. A plain-English definition for Australian business owners.
The trial balance is a listing of all general ledger accounts and their current balances.
It's used to verify that total debits equal total credits (a basic accounting check) and as the starting point for producing financial statements. Modern cloud accounting systems produce the trial balance on demand; it's the document the external accountant typically requests at year-end for tax preparation.
In a connected back office this sits with the Finance hub, where Valont runs bookkeeping, managed payroll and bas & tax compliance for Australian SMEs as one team. The full definition set is on the glossary.
Talk to an Advisor
General information, not advice. For how this applies to your business, talk it through with a Trusted Advisor or start with the Business Health Check.