How to Locate Errors in Trial Balance in Your Accounting Assignments?

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According to the accounting principles, both the debit and credit sides of the trial balance should be equal. But most of the students stuck in the question of what if there is some accounting error. How to find it?
Our experts have the solution to this question that they have shared below. 
 
8 Steps to Locate Errors in Trial Balance

1. You can start by checking the totals of both the debits and credits of the trial balance.
2. You should check both the cash balance and bank balance. Make sure that the allowed and received discounts are mentioned in the trial balance correctly.
3. You should calculate the exact difference in the trial balance. Assure whether there is an omission of any ledger balance in the trial balance.
4. You should check the ledger accounts and balances again and then analyze the posting of ledger balances to trial balances.
5. You should examine the totaling of subsidiary books clearly to check if there is any difference in carrying forward and brought forward totals. You should not perform a thorough checking of subsidiary books and entries. Also, check the posting to ledger accounts thoroughly. In case the difference is 1/-, 100, 112, etc., you can review the subsidiary books again.
6. You should check the balance of various accounts if the difference is very big. You can compare the current trial balance with the previous year's trial balance to detect the error. A brief checking and examination are mandatory in case the difference is so material.
7. You should check that the specific amount has been posted on the correct side to save it from getting posted on the wrong side.
8. You have to check the complete books if there is still a difference in the trial balance. Start from the nominal accounts to check with the posting of all the opening and closing entries.

Bonus Tip: Even after applying all the procedures and measures, if you are unable to detect all the errors, then you shall transfer the difference to a suspense account temporarily.
These are the various steps you can take to locate an error in trial balance in your accounting assignments. You can reach our experts if you come up with any problem in your academic tasks. 
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Author Bio: I am a Ph.D. scholar working with Assignment Prime as an academic writer. My inner curiosity makes me a perfect candidate to gather relevant information for the assignment writing services. In my free time, I can be seen in the public library reading academic journals. The proud father of 2 daughters is currently living in Melbourne.

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