Trial Balance Software — Debits Must Equal Credits
Your trial balance generates automatically from your general ledger. Verify that total debits equal total credits before closing any period.
Trial Balance: The Foundation of Accurate Financial Statements
What it does: A trial balance lists every GL account with its debit or credit balance. If total debits = total credits, your books are mathematically correct.
Example: You have $42,500 in Cash (debit), $8,750 in AR (debit), $3,250 in GST Collected (credit), and $48,000 in Revenue (credit). Total Debits = $51,250. Total Credits = $51,250. Your books balance.
With iBill: Your trial balance is generated in real time from your GL journal entries. No manual calculations. Export to PDF or Excel for your accountant or CRA audit.
What is a Trial Balance?
A trial balance is the checkpoint that proves your books are accurate before you prepare financial statements
Unadjusted Trial Balance
The unadjusted trial balance is prepared after all regular transactions are recorded but before adjusting entries. It lists every GL account with its running balance and verifies that total debits equal total credits. This is your first check that no entries were recorded incorrectly.
Adjusted Trial Balance
After posting adjusting entries — such as CCA depreciation, accrued expenses, and prepaid allocations — you run the adjusted trial balance. This version includes all adjustments and serves as the direct source for preparing your income statement and balance sheet.
Post-Closing Trial Balance
After closing temporary accounts (revenue, expenses) to retained earnings at year-end, the post-closing trial balance confirms only permanent accounts remain. It becomes the opening balances for the next fiscal year and is a key document for double-entry accounting integrity.
Trial Balance Features
Everything you need to verify, review, and export your trial balance — all powered by your general ledger
Real-Time Debit/Credit Totals
Your trial balance updates the moment you post a journal entry. Total debits and total credits are always current — you never need to wait for a batch process or month-end close to check if your books balance.
Auto-Generated from GL
iBill generates your trial balance directly from your general ledger journal entries. Every payment, expense, depreciation entry, and tax posting flows into the correct accounts — no manual data entry or spreadsheets needed.
Adjusted Trial Balance
Post your adjusting entries — CCA depreciation, prepaid allocations, accrued expenses — then run the adjusted trial balance. This is the version your accountant uses to prepare your financial statements.
Post-Closing Trial Balance
After year-end closing entries zero out revenue and expense accounts, the post-closing trial balance confirms only permanent accounts (assets, liabilities, equity) carry forward. It becomes your opening balances for the new fiscal year.
Export to PDF & Excel
Export your trial balance to a professional PDF for your accountant or to Excel for further analysis. Both formats include all GL accounts with their debit/credit balances, totals, and the report date for CRA record-keeping compliance.
CRA Audit-Ready
iBill uses double-entry accounting with a full audit trail. Every journal entry is numbered, dated, and traceable. Your trial balance proves mathematical accuracy — exactly what the CRA expects under ITA section 230.
Generate Your Trial Balance Automatically
Every journal entry flows into your trial balance in real time. Debits always equal credits. No spreadsheets, no manual calculations.
Get Started NowTrial Balance Example
A sample trial balance showing how every GL account is listed with its debit or credit balance
Sample Business — Trial Balance
As at March 7, 2026
Total Debits = Total Credits: $116,750.00 = $116,750.00. When debits equal credits, your books are mathematically accurate. iBill enforces this through double-entry accounting — every journal entry must balance before it can be posted.
How the Trial Balance Connects to Your Financial Statements
The trial balance is the bridge between your general ledger and your final reports
General Ledger to Trial Balance
Every journal entry in your general ledger posts debits and credits to specific GL accounts. The trial balance aggregates all of these entries into a single report showing each account's net balance. If an error was made in any entry, the trial balance will not balance.
Trial Balance to Income Statement
Revenue accounts (4000-series) and expense accounts (5000-6000 series) from your trial balance flow directly into your income statement. The difference between revenue and expenses is your net income — a key figure that also appears on your balance sheet as retained earnings.
Trial Balance to Balance Sheet
Asset accounts (1000-series), liability accounts (2000-series), and equity accounts (3000-series) from your trial balance flow directly into your balance sheet. The trial balance confirms Assets = Liabilities + Equity before you generate the final report.
Chart of Accounts Foundation
Your trial balance is only as good as your chart of accounts. iBill seeds a standard Canadian chart of accounts when you start — assets (1000s), liabilities (2000s), equity (3000s), revenue (4000s), and expenses (5000-6000s) — so your trial balance is organized correctly from day one.
Trial Balance FAQs
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