Trial balance
View and analyze account balances over specific periods with the trial balance report.
The trial balance lists the balances of the accounts at a specific point in time (as of a specific date) and ensures the total of the debit accounts equals the total of the credit accounts.
When you’re ready to close an accounting period, you can start by preparing a trial balance report. Running a trial balance is an important step when book closing because it helps summarize all the transactions for the period, showing the balances in each account. It ensures that the total debits and credits are equal, which confirms that the books are balanced.
Trial balance report
The trial balance report lets you review the starting balance, net change, and ending balance for each account. In the report, positive numbers represent debits, and negative numbers shown in parentheses ()
represent credits.
Columns | Description |
---|---|
General ledger account | Your general ledger account if it’s mapped in Stripe using the map to your chart of accounts feature, or default Stripe accounts |
Starting balance | Balance at the start of the selected accounting period |
Net change | Net change due to the activity in the selected accounting period |
Ending balance | Balance at the end of the selected accounting period |
GL code | The number corresponding to the GL accounts |
The Account Balance changes shown in the Trial Balance report will reconcile with other Revenue Recognition reports like Income Statement, Balance sheet report, Debits and Credits report for the same time period and currency. With the Debits and Credits report, you will have to add change amount in Debit and deduct change amount in Credit to arrive at the net change in amount during that period. This will reconcile with the Net change amount in Trial Balance.