Usually discrepancies are caused by an error in data entry or posting a transaction to the wrong account. We have a terrific accuracy rating but perform trial balance preparation and review services as an additional way to provide our clients assurance in the accuracy of our work.
It’s important to highlight that the trial balance review will not detect transactions that have been posted to the wrong account if both accounts require a debit (or a credit) posting. For example, if revenue from services you provided to a client was accidently posted to another income account, such as interest income, instead of service revenue, the trial balance review would not detect the error because the debit and credit accounts would still be equal.
Also, the trial balance review would not uncover any transactions that were not entered into the general ledger. If an entry is omitted from the general ledger, the debit and credit totals would still balance since each transaction posted to the general ledger requires a debit and credit entry.
For example, if your company made a truck purchase on account but failed to record the purchase in the general ledger, then the truck was never recorded as an asset (debit transaction) nor was the liability recorded for the money owed to the car dealership (credit transaction). Since both the debit and credit postings were omitted, the trial balance review would most likely not catch the omission. An example of a trial balance is shown below: