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Trial Balance Template

Simple Alliance, Kenya Limited


Periodical Closing of Books

At scheduled times, for instance, every year; you would close your accounting books.  This exercise serves two important roles, namely:

  • It enables you to determine the fiscal ‘health’ of your business
  • It assists you to generate an income tax return report    

One element of closing your accounting books involves your preparation of a trial balance. 

Trial Balance

A trial balance is a bookkeeping worksheet within which you compile all ledger balances and organise them into credit and debit columns.

Debits and Credits

Each column bears both the name of the ledger account as well as the corresponding monetary value. The value of every ledger account holds a credit or debits balance value. You record the credit ledger values in the credit column of the trial balance. Similarly, you place the debit ledger values on the debit side of the trial balance. You would normally prepare a trial balance at the end of each accounting period.

Purpose

Generally, you prepare a trial balance so as to assess the mathematical accuracy the entries in your business’ bookkeeping system.  Through this evaluation, you are able to point to any arithmetic mistakes that were committed during the double-entry accounting process.       

Using the Trial Balance

You use the trial balance to establish whether the total credits are equal to the total debits. If the two sides have identical figures, you conclude that your trial balance is balanced. In such a case, your ledgers do not contain mathematical errors.     

A Time-Consuming, Expensive Undertaking

You normally use up much time while preparing your trial balance. This exercise eats up time that you would use in growing your business. Moreover, if you hire an accountant to prepare your trial balance, you will incur an added expense through the bookkeeper’s wages.

A Convenient Tool

So as to save you time and money, we have developed a trial balance template. The form is contained in the attached MS Excel (version 4.0 and above) file. The attachment directs you on how to prepare trial balance.

Your Part

So as to use the trial balance worksheet, you need to download the file. Copy the file onto your Excel or Start directory.   

Benefits

You stand to derive various advantages from using the attached trial balance template. Some of the key merits include:

  • A single download requirement after which you use the template over and over
  • A comprehensive list of 80 account titles that are common in trial balance documents
  • Easy to use format; just key in the balances for every account  
  • Automated scheme whereby the spreadsheet mechanically adds the credits and debits together
  • Convenience whereby the spreadsheet determines whether credits and debits balance
  • Ease as the spreadsheet shows any discrepancies and their quantities  
  • Fully customisable design whereby you can modify, delete, or add accounts as desired

Attachments

 

Trial Balance Worksheet Template

 

It is important that you periodically prepare a trial balance sheet so as to come to terms with your business’ status at a particular point. The trial balance sheet informs you whether or not your accounting books balance each other. Preparing this important accounting document could however prove taxing and laborious. Further, hiring a third party entity, such as an accountant, to carry out this task involves additional expenditure. The attached trial balance worksheet eliminates the expense and tedious elements related to preparing your trail balance worksheet. It guides you on how to prepare trial balance. All you need to do is to download and save the file. You then fill in the relevant figures in the provided trial balance template. The values are automatically computed by the system. From the ensuing figures, you determine whether your accounting books balance one another by comparing your debit and credits.

Copyright (C) 2016, Simple Alliance Kenya Limited

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