The Trial Balance is the source data from which the Balance Sheet and Income Statement are generated.
Would you like a simplified one-page version for non-accountants, or a step-by-step checklist to accompany this write-up? quickbooks trial balance report
| Scenario | What to Check | | :--- | :--- | | | Look for a credit balance in a bank account—likely a data entry error. | | Accounts receivable negative | Suggests overpayment or misapplied customer credits. | | Suspense account has a balance | Indicates a transaction QuickBooks couldn’t categorize correctly. | | Retained earnings changes mid-year | In accrual basis, RE should only change at year-end closing. | | Debits ≠ Credits | Very rare in QuickBooks, but if it happens, run "Verify Data" (Desktop) or check for disconnected bank feeds (Online). | The Trial Balance is the source data from