ACCOUNTING BASICS for Beginners (Whole Playlist) - TRIAL BALANCE: Explained in (Almost) 2 Minutes!

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com A Trial Balance (or TB) is an accounting report that shows a list of all ledger accounts and their balances at a point in time. It's used internally by businesses to check that Total Debits equal Total Credits. In this video, we'll build a Trial Balance from scratch and discuss its key components, including account names, account numbers, debits and credits. Then I'll show you an example of an unbalanced Trial Balance. We'll identify the error, correct it and check that the new Trial Balance is balanced. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:11 - What is a Trial Balance? 00:27 - What does a Trial Balance look like? 01:21 - What do you do if a Trial Balance does not balance? 04:09 - A balanced Trial Balance can still contain errors 04:29 - Using a Trial Balance to prepare Financial Statements 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/accountingstuff/ ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #trialbalance #accountingstuff