Balance Sheet Report

What is the Balance Sheet Report?

The Balance Sheet is a financial statement in accounting that reports your company’s assets, liabilities, and equity at a specific time.

The purpose of the Balance Sheet report is to provide a snapshot of your company’s financial health by presenting its assets, which are the resources you own or control; liabilities, which are the debts or obligations you owe to others; and equity, which is the residual interest in the assets of your company after deducting liabilities.

The Balance Sheet is divided into three sections:

Assets: This section lists your company’s resources and is divided into two categories: current assets and non-current assets. Current assets include cash, accounts receivable, inventory, and prepaid expenses. Non-current assets include long-term investments, property, plant and equipment, and intangible assets such as patents and trademarks.

Liabilities: This section lists debts and obligations to others. Liabilities are divided into current liabilities and long-term liabilities. Current liabilities include accounts payable, short-term loans, and taxes owed. Long-term liabilities include long-term debt and pension liabilities.

Equity: This includes common stock, current year earnings, retained earnings, owner’s investment, and any other reserves or accumulated gains.

You need to install the Double-Entry app to get the Balance Sheet report. After installation,

• Go to Reports on the Navigation Menu.

• On the Reports page, go to the Accounting section.
• Click Balance Sheet.
• On the Balance Sheet report page, you can use the filters to set the following:
  • Basis: Accrual or Cash
  • Report date: Pick a specific period for your report.
• After entering your preferred filters, hit the Enter Key on your keyboard to refresh and view an updated report.

You can Print or Export Balance sheet reports from the top left corner of the page.

To schedule reports, you need the Schedule Reports app.

Check out how to schedule reports.