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.
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.
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.
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