The Balance Sheet report shows your financial position at a specific point in time.
It displays what your business owns (assets), what it owes (liabilities), and the owner's equity.
To create a new balance sheet report, navigate to the Reports tab.
Click on Balance Sheet to view existing reports or create new ones.
Click the New Report button to create a customized balance sheet.
Configure your balance sheet using these options:
By default, the report is named Balance Sheet, but you can change the title here.
Enter a description for the report. This helps differentiate between various Balance Sheet reports in the list.
Configure the report columns:
Specify the date for which the balance sheet figures should be calculated.
If you use Divisions, select the appropriate one here to create a divisional balance sheet.
Enter a name for the column. If left empty, the system will use the Date.
You can also add comparative columns by clicking on Add comparative column button.
Choose the accounting method � either Accrual basis or Cash basis.
Select this option to round figures to whole numbers on the report.
Choose the layout for the balance sheet report.
Select which groups should be collapsed. Collapsed groups will appear as regular accounts, making the report more concise.
Enter text to be displayed at the bottom of the report.
If you use account codes, select this option to display them alongside account names.
Check this option to exclude accounts with a zero balance from the report.
The balance sheet follows the fundamental accounting equation: Assets = Liabilities + Equity.
Use date filters to view your financial position as of any specific date.
Accounts are organized into groups based on your chart of accounts structure.
To customize how accounts appear on the balance sheet, see:
For more information see: Chart of Accounts
Starting balances ensure your balance sheet reflects accurate opening positions.
To set up or adjust starting balances for your accounts, see:
For more information see: Starting Balances