Understanding the Trial Balance Report in QuickBooks Online

Ever come across the term "trial balance" and wondered what it entails, especially within QuickBooks Online? This video is designed to demystify the Trial Balance report for you, whether you're familiar with the term or encountering it for the first time. Using a sample QuickBooks Online file, I'll guide you through what a trial balance is, how it's structured, and why it's an essential component of your financial reporting.
What You'll Learn:
- The Basics of a Trial Balance: An introduction to what a trial balance is and its significance in accounting and bookkeeping.
- Comparison with Balance Sheet and Profit & Loss: How the trial balance relates to other crucial financial reports such as the Balance Sheet and the Profit & Loss statement, highlighting the similarities in the figures presented.
- Understanding the Structure: The composition of a trial balance, dividing the accounts from the Balance Sheet and Profit & Loss report, and why the net income doesn't appear on the trial balance.
- Navigational Tips in QuickBooks Online: Step-by-step instructions on how to access the trial balance report in QuickBooks Online and how to interpret the data it presents.
This tutorial is aimed at small business owners, bookkeepers, and anyone looking to deepen their understanding of financial reports within QuickBooks Online. By the end of this video, you'll not only grasp what a trial balance is but also appreciate its role in encapsulating your business's financial standing.
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Timestamps
00:00 - Intro
00:28 - Navigate to the Trial Balance report
00:42 - What is the Trial Balance
00:58 - Trial Balance vs Balance Sheet
02:30 - Trial Balance vs Profit & Loss
04:00 - Outro
#quickbooksonline #bookkeepingtips #trialbalance
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