How to Create QuickBooks Balance Sheet Report

What is the Balance Sheet Report in QuickBooks Online

Balance sheet Report is used to get a date specific financial snapshot of the company. The total equity contains the net income of the company for the financial year to date.  Moreover, this report helps in calculating business equity by subtracting the liabilities from the assets. Here in this article, you will get insights about the QuickBooks Balance sheet Report.

QuickBooks Balance Sheet Report

Advantage of Balance Sheet in an Organization:

  • A basic balance sheet that shows your assets, liabilities, and equity for a specific date.
  • Open QuickBooks and choose the account from the File menu from which you want to generate the balance sheet.
  • It acts as an important financial statement which company owners used to track business growth.
  • It assists with breaking down how much interest in a specific division in your business is worth.

How to execute a Balance Sheet Report in QuickBooks?

  • Locate Reports
  • Choose Balance Sheets
  • Go to the Balance sheet summary report to view a higher-level summary of the report.

How to run the non-limited /incorporated companies report?

  • Locate Navigation bar
  • Choose Reports
  • Discover recommended option and click on the Balance sheet

How to run a balance sheet report for Limited companies?

  • Go to Navigation option
  • Hit on Reports
  • Locate the All Reports option and then choose Business Overview
  • Click on Balance Sheet
  • Now, if you need to monitor a higher level summary, then run the Summary report.

Read More: How to Set up Finance Charges in QuickBooks

How Balance sheet report different from other reports in QuickBooks?

The balance sheet report is not similar to the other reports, even if you have confirmed all the filters are identical. Here are the few causes of the difference occurrence:

  • Balance Sheet report acts as a cumulative report with a beginning balance.
  • The date range in other reports you adjusted sets to net income and the particular account you choose within the report
  • The balance sheet report will show the cumulative total, date range, and the transaction detail report with a beginning balance.
  • Additionally, the sales by item report will be limited to the applied date range.

Things you need to consider prior to comparing the reports:

  • When you are comparing the two reports, you just need to specify the right Ageing technique on the A/R Ageing report.
  • If you are executing the Balance sheet report according to the existing date, then you have to choose the Report date for the Ageing Method on the A/R Ageing reports. This will helps to match the Total Accounts Receivable with the A/R Ageing report and the balance sheet.

See Also: What are Financial formats for QuickBooks Accounting Software

Components of Balance sheet

In the balance sheet, there are 3 sections that are Assets, Liabilities, and Equity in QuickBooks. The description of each section is mentioned here:-’

  1. Assets- The assets are the items that company owns with the amount that people owe you. The accounts receivable are the invoices that you are waiting for their payment from the customers. The fixed assets are the equipment and the building owned by the organization. The un-cleared funds is the clearing account that is used to group all the checks in a single bank deposit. 
  2. Liabilities- It is the amount that you owe your vendors and creditors. The Accounts Payable are the outstanding invoices from vendors that you owe. It also shows the equipment or mortgage finances shown in the liability.
  3. Equity- when you create a new account then opening a Balance Equity entry takes place with the beginning balance. It happens when you set up your company. 
  4. The retained earnings can also be shown in the next balance sheet that are carried forward to the previous balance sheet.
  5. The Net income shown in the Balance sheet must match the net income of Profit and Loss report for the same report.

How to run a Balance sheet in QuickBooks?

There are 4 steps to run the QuickBooks Balance sheet that are as follows:-

1. For creating a new balance sheet

  • In QuickBooks, click on the Reports option that is on the left menu bar
  • Further, in the Business Overview section
  • Select the option Balance Sheet 

2. Set Options for your Balance Sheet Report

  • Go to the View and Change option by scrolling in the Balance sheet
  • To set basic options in the balance sheet are:-
    • Report Period- You have to select the period of time for the financial statements that you are making. Click on the drop-down box to select the pre-defined period or the time period. You can also add a custom period that is beginning or end dates.
    • Display columns by– At the end of the reporting periods the balance sheet has a single column for the balances. For interim balances, you can choose to display the additional column. The additional columns can also be displayed to separate the balances.
    • Show non-zero or active only– It shows only rows and columns by default that have the activity during the period. This avoids clutter that is not necessary for the balance sheet.
    • Compare another Period– In the Balance sheet, you can add a column with prior period balances of the balance sheet to compare it. A column can also be added with the difference between the prior period and the current period.
    • Accounting Method- You have to select the balance that is prepared on the accrual or cash basis of accounting. If it is for management purposes then it is recommended to use it on an accrual basis that includes the account payable and receivable both.
    • Run Report- You have to click on the run report to apply and save all the changes you have done.
    • Customize- Click on customize option if you want to customize the balance sheet further.
    • Save Customizations- Click on this button to save all the customizations that you have done. Also, name your custom report to save the settings of the Balance Sheet. These customizations can be chosen from the Reports tab.

3. To further customize your balance sheet

  • Click on the option Customize the Balance sheet to make the changes in it
  • It has the following sections:-
    • General- The reporting period is selected as this year or enter the date accordingly. Accounting method selected as Accrual basis. These both things are the same options available before. The unique option has the ability to report the numbers in thousands of omit cents, dollars from your balance sheet. Then click the format for negative numbers.
    • Rows or Columns- To change the order of columns you have to click on columns. There is a % in a column that is good to analyze the total assets that are allocated for each asset account. You can reorder columns by dragging them.
    • Filter- There are 5 variables to filter the balance sheet. These variables are class, location, customer, product or services, and vendor. For the location, you have to turn on your location. 
    • Header and Footer- You can select the information to display in the header and footer. In the header, there are options to show the logo, report period, company name, and report title. In Footer, you have options to show the Date, time, and report basis (accrual or cash). You have to select by tick mark the options that you want to display.

4. Print or Email your Balance Sheet

  • You have to click on the icon on the top right side that is reported to email, print, or export the balance sheet
    • If you click on the Email icon then you can do email the copy of the balance sheet
    • If you click on the Print icon then you can print a copy of the balance sheet report
    • If you select export as PDF file or Excel spreadsheet then click on the drop-down arrow on the export icon then choose your option for Excel or PDF.


That’s all about QuickBooks’s balance sheet report. Hopefully, the above information helps you get the awareness of the Balance sheet. So use the report for tracking the investment of your business. If you face any difficulty understanding the balance sheet elements in QuickBooks live chat option for professional assistance.

Related More: Troubleshooting Balance Sheet Out of Balance

How to Enter Beginning Balance in QuickBooks


  1. What are the features of the QuickBooks Balance Sheet Report?

    The features are listed here:-

    1. The data limits are enhanced
    2. Comparison option are newly improved
    3. Good navigation and performance is improved
    4. Enhanced Find feature that you can find using the Ctrl + F
    5. You can do QuickZoom that is new advanced feature
    6. You cans elect the custom prior period for comparison
    7. Easy in scrolling in large reports so it is smooth and easy to use
    8. Improved printing report option
    9. Many more additional customizations and other options.

  2. What is the difference between the QuickBooks Balance Sheet report and A/R Ageing detail report or summary report?

    1. When you are running the balance sheet report for the past date then you have to choose the report date for the Aging Method. This is done to match the A/R Aging and Balance sheet report both.
    2. In comparison of these reports in A/R Aging you have to mention the correct method of Aging on its reports.

  3. How can you differentiate QuickBooks Balance sheet report and other reports?

    1. Your balance sheet has a beginning balance
    2. In other reports the data range that you set is applied only on the net income and the other specific amount that you select in that other report.
    3. If you choose the month to show its cumulative total then it shows you the sum of the beginning balance and the transactions done on that month.
    4. The Sales by Item report is limited to the date range set by you.



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