Hello there, Dharmesh. I'll explain in detail how QuickBooks displays the balances when comparing the Trial Balance and the General Ledger report.
A Trial Balance report shows the balances of all general ledger accounts at a specific time. It lists the accounts for assets, liabilities, equity, revenues, expenses, gains, and losses, and the main purpose is to display the current state of the general ledger's debits and credits at a specific time.
The General Ledger is a detailed record of all transactions. Each transaction affects at least two accounts, with one account being debited and another credited. The total debit amount always equals the total credit amount.
To fix the discrepancy in the report, let's double-check the transactions and ensure they are posted to the appropriate account.
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