Trial Balance Report

Trial Balance Variance Report What is a Trial Balance Variance Report? A Trial Balance Variance Report functions as a crucial tool utilized by accountants to verify the accuracy of their General Ledger. Unlike standard trial balance reports that merely display the current month’s account balances, this report goes a step further by incorporating a year-on-year comparison. By including percentage variance columns and a control total, this report provides more valuable insights than conventional single-month trial balance reports. Below, you’ll find an example of this report. Purpose of Trial Balance Variance Reports The primary goal of Trial Balance Variance Reports is to enhance companies’ and organizations’ ability to detect discrepancies in their balances beyond what single-month trial balance reports can reveal. When integrated into the Finance & Accounting Department’s best practices, these reports contribute to improved financial accuracy and control. Moreover, they help minimize the risk of inaccurate financial statements arising from issues with general ledger entries.