The report provides totals by agent/student, giving the "Accounting" balance as well as the "Ledger" balance.
The report can be used to prove various totals. The report is also useful at period ends for proving balances to auditors/accountants.

Ledger Balance
Total balance on the account including all invoices/credits/receipts/proformas/unprinted proformas, regardless of dates.
Will balance to the reconciliation report (ledger balances)

Accounting Balance
Excludes proformas, and is the balance that would agree with the accounting nominal ledger, ie. all invoices/credits/receipts.
Balances to the reconciliation report ("accounting balances").

Any date can be entered, and the "accounting" totals will be as at that date.
However, the ledger balance is always as of now as proformas will continually change as bookings are added.