Benefits: Whatever kind of business you run, you have to close your books at least once a year to prepare an income tax return — or more frequently, if you want to get a better handle on how your business is doing. An important part of closing your books is preparing a trial balance — in other words, a list of all of your bookkeeping accounts and the balance of each at the end of the period — to see if your books are still in balance. If you are already doing this, you know that it is tedious and time-consuming; if your accountant is doing it, you know that it is an added expense.
The trial balance spreadsheet contained in the attached file is designed to save you time and money in preparing the trial balance yourself. The spreadsheet contains over 80 common account titles in a trial balance format. Simply plug in your balance for each account and the spreadsheet will automatically add up the debits and credits, and tell you if your books are out of balance (and by how much). Since it is a spreadsheet template, you can add or delete accounts or otherwise modify it to suit your needs and preferences.
File Description: The file contains a Microsoft Excel (version 4.0 and above) spreadsheet template. Once you've downloaded the file, you must copy it to your EXCEL\XLSTART directory in order to use it.
Trial balance spreadsheet
For assistance on downloading a file, click here.
For background information as well as information on related topics, see trial balance.