A trial balance is an accounting report that tabulates the balances of all general ledger accounts. It serves as a checkpoint to ensure that all entries in the accounting system are accurately recorded, with the total debits equaling the total credits. Traditionally, a trial balance is prepared by summing each ledger account's debit and credit entries and then balancing the total for all accounts. This step is pivotal inside an account closing process, such as during the month-end or year-end close.