This document typically consists of a worksheet with two separate columns that account for the debits and credits that a company incurs throughout a certain period of time. These columns list all business transactions made during the set period of time, including revenue, liabilities, and assets.

Trial balance helps you to locate errors by providing a starting point for the location of errors committed if any. Trial balance provides a basis for the preparation of final accounts. It ensures that the transactions recorded in the books of accounts have identical debit and credit amounts.