sajad torkamani

In a nutshell

In accounting, a trial balance is a document that lists the balances of all your accounts at a given period.

The trial balance is not something that must be sent to HMRC or to Companies House. Instead, it’s a report that’s for internal use in your business. Your accountant will typically use your trial balance to prepare other accounts like the profit and loss account or the balance sheet.

Tagged: Accounting