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 financial year to date.
How to 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 R50 of VAT in March and R60 in April, the Balance Sheet will show R110 for the VAT liability account.)
- If the date range for the report is April, it will still show the cumulative total of R110. However, if you select R110, its transaction detail report shows a beginning balance of R50 and then a R60 transaction for April.
- In addition, the Sales by Product/Service reports will be 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 R60 only.
Compare your Balance Sheet report and Accounts Receivable Ageing Summary or Accounts Receivable Ageing Detail reports
When comparing your Balance Sheet report (Last Year/Accrual) and your Accounts receivable ageing summary or Accounts receivable ageing detail reports there are some things you should know, such as:
- When you compare these two reports, you must specify the correct Ageing Method on the Accounts receivable ageing report.
- If you're running the Balance Sheet report for any date in the past, you must select Report date for the Ageing method on your Accounts receivable ageing reports, in order for the Total Accounts Receivable to match on both the Balance Sheet and Accounts receivable ageing report.