The trial balance, also called balance of sums and balances, reflects the balance of all the accounts that the company owns during a given period. It is the balance sheet that shows the debit balances and the balances creditors of the accounts belonging to a company.
The balance of sums and balances serves to know that all the accounts of the company that are in the daily accounting book are square, in relation to each of the seating which are recorded daily in debit and credit items, and depending on whether it is debtor or creditor. It ensures that the daily registration has been done correctly and we have accurate data on the company information.
For the trial balance of sums and balances to be carried out correctly, the sum of the debit balances must be equal to the sum of the credit balances. In this way the required balance is obtained in the balance sheet. If the amount we obtain in the debit is greater than the credit, we will say that we have a debit balance. Otherwise, we will have a credit balance.