The balance sheet shows what a business owns, the asssets, what it owes, the liabilities, and its net worth at a specific point in time. The three parts of a balance sheet are assets, liabilities and equity. It has two sections that must balance, hence the name balance sheet. The balance sheet, together with the income and cash flow, is the main report for any business. In fact, the balance sheet is the core component of other financial statements as all others either feed into or are derived from it.
QuickBooks Online organises all of your business's accounting and financial data in one location so that you can create financial reports like the balance sheet in just a few clicks. QuickBooks Online offers a pre-installed balance sheet template and does all the necessary calculations for you, making it fast and easy to access and review your balance sheet.