A Balance Sheet report gives you a financial snapshot of your company as of a specific date. It calculates how much your business is worth (your business's equity) by subtracting all the money your company owes (liabilities) from everything it owns (assets):
Assets - Liabilities = Equity
Note: The total for equity includes your company's net income for the fiscal year to date.
Run a Balance Sheet report
- Go to Business overview and select Reports (Take me there).
- Select Balance Sheet.
Tip: To see a higher-level summary, run the Balance Sheet Summary report instead.
Differences between a Balance Sheet report and other reports
You may notice that your Balance Sheet report doesn't match your other reports even after making sure that all the filters are the same. There are a few reasons why this occurs, such as:
- Your Balance Sheet report is a cumulative report that carries a beginning balance.
- In other reports, the date range you set only applies to net income and the specific account you select within the report. (Example: If you have CA $50 of sales tax in March and CA $60 in April, the Balance Sheet will show CA $110 for the sales tax liability account).
- If the date range for the report is April, it will still show the cumulative total of CA $110. However, if you select CA $110, its transaction detail report shows a beginning balance of CA $50 and then a CA $60 transaction for April.
- In addition, the Sales by Product/Service report is limited to the date range you set. If you set the report date for April, then it will truly reflect only April and show the CA $60 only.
Compare your Balance Sheet report and Accounts Receivable Aging Summary or Accounts Receivable Aging Detail reports
When comparing your Balance Sheet report (Last Year/Accrual) and your Accounts receivable aging summary or Accounts receivable aging detail reports, there are some things you should know, such as:
- When you compare these two reports, you must specify the correct Aging method on the Accounts receivable aging report.
- If you're running the Balance Sheet report for any date in the past, you must select Report period for the Aging method on your Accounts receivable aging reports in order for the Total Accounts Receivable to match on both the Balance Sheet and Accounts receivable aging report.