A reactionless mechanism is one that does not exert any reaction force or moment on its base at all times, for any arbitrary trajectory of the mechanism. This paper addresses the static and dynamic balancing of a two-degree-of-freedom parallel planar mechanism (five-bar mechanism). A simple and effective adaptive balancing method is presented that allows the mechanism to maintain the reactionless condition for a range of payloads. Important proofs concerning the balancing of five-bar mechanisms are also presented. The design of a real mechanism where parallelogram linkages are used to produce pure translations at the end-effector is also presented. Finally, using dynamic simulation software, it is shown that the mechanism is reactionless for arbitrarily chosen trajectories and for a variety of payloads.