FAQ: Balance Sheet Report
Quick answers to common questions about Balance Sheet reports.
Q: Why doesn't my Balance Sheet balance?
A: Check that all transactions (invoices, bills, payments) are posted to the general ledger and not left as drafts. Unposted transactions do not appear on the Balance Sheet. If some are posted and the report still doesn't balance, contact your accountant to investigate unreconciled accounts or data entry errors.
Q: Is the Balance Sheet the same as the Profit & Loss report?
A: No. The Balance Sheet shows position—what you own, owe, and own at a point in time (e.g., Dec 31). The Profit & Loss (Income Statement) shows performance—how much you earned or lost over a period (e.g., January through December). Both are essential financial statements but answer different questions.
Q: Can I compare two dates in one report?
A: Yes. Most Balance Sheet reports have a "Comparison Period" filter. Set it to a prior month or year to see current and prior balances side by side. This helps you spot trends, such as whether inventory is growing or shrinking.
Q: What should I do with depreciation on the Balance Sheet?
A: Depreciation is shown as a reduction in the value of fixed assets. For example, a building bought for 1,000,000 AFN with 10% annual depreciation will show a lower net value each year. The depreciation expense also reduces your profit on the Profit & Loss report. This is normal accounting.
Q: How often should I run a Balance Sheet?
A: Most businesses run a Balance Sheet monthly, quarterly, and always at year-end. Monthly Balance Sheets help you monitor cash flow and financial health. Year-end Balance Sheets are required for tax filing and audits. Your accountant or CFO can advise on the frequency that suits your business.
Q: Can I modify the Balance Sheet after I export it?
A: You can edit an exported Excel file, but the changes will not be reflected in Usystems. If you make corrections, make them in Usystems (e.g., by adjusting journal entries) and regenerate the report. This ensures your official records are accurate.
Q: What accounts should show on the Balance Sheet?
A: All accounts in your Chart of Accounts that have asset, liability, or equity balances should appear. If an account is missing, check that it is classified correctly as an Asset, Liability, or Equity account in your Chart of Accounts, not as an Income or Expense account.
Q: How do I print a Balance Sheet in landscape mode?
A: When you click the Print button, your browser's print dialog will open. Look for the "Orientation" or "Layout" option and select "Landscape." This is especially helpful for Balance Sheets with many account lines so columns don't get cut off.
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