The Trial Balance report is the sum of debits and credits for every account of your business. It allows you to identify discrepancies in your account totals, produce financial statements and ensure that your accounts balance for a given period of time.
The Debits and Credits for each of your accounts are listed and the sum of each listed at the bottom. If the totals are the same, then your accounts balance, there are no mathematical errors in your accounting process and you can trust that FreshBooks is doing its job accurately.
Note: Approachable Accounting reports like the Chart of Accounts are available on the Plus and Premium plans only.
Access the Trial Balance Report
The Trial Balance Report can be accessed using these steps:
- Click on the Dashboard section
- Select Trial Balance.
There are a few things you're able to change when running the Trial Balance Report. Click on the drop down next to the title of the report, and you'll see some filters:
- Date Range - Within the dropdown, choose one of the preset ranges (This Year, Last Year, This Quarter or Last Quarter) or choose a Custom date range instead
- Currency - Choose between individual currencies
Clicking More Actions in the top right will give you the option to Export your Report to Excel, or Print your Report. The Send button allows you to send the report to your accountant, or anyone else that needs to view it.
What’s the difference between a Trial Balance and a Balance Sheet? Where can I find my Balance Sheet?
- A Trial Balance Report is used to list the sums of all your Categories’ and Parent Accounts’ debit and credits to ensure everything balances, in preparation for producing financial statements the end of an accounting period. This is often used internally in your business.
- A Balance Sheet reports a company's assets, liabilities and shareholders' equity at a point in time. It is used as a basis to calculate rates of return for investors, provides a snapshot of what a company owns and owes, and shows the amount invested by shareholders.
FreshBooks does not currently support a Balance Sheet report yet. If needed, you can put together your own Balance Sheet using information from the Trial Balance Report and our other Reports. Templates can be downloaded from online sources like Microsoft Office here, or with a quick search of “balance sheet templates” on Google.