Running the Balance Sheet report

The Balance Sheet report shows your company's assets, liabilities, and equity at a specific point in time. It answers the question: "What do we own, what do we owe, and what is our net worth?" Running this report regularly helps you monitor financial health and prepare for audits or investor reviews.

Before you start

• You need permission to view financial reports (ask your administrator if you don't see the Reports menu).
• Have a date in mind: the Balance Sheet is a snapshot for a single day, usually the last day of a month or year-end.
• Ensure your documents (invoices, bills, payments) are posted to the general ledger.

Steps

1. Go to Reports and look for the Financial Statements or Balance Sheet section.

   Open Reports

2. Click Balance Sheet or Run Balance Sheet Report.

3. Choose your report date. This is the date as of which you want to see your financial position.

4. (Optional) Filter by department, cost center, or other dimensions if your company uses them.

5. Click Run Report or Generate.

6. Review the report. It will show:

   • Assets (what you own) at the top
   • Liabilities (what you owe) in the middle
   • Equity (owners' stake) at the bottom
   • A line showing that Assets = Liabilities + Equity (the fundamental accounting equation)

Accounting impact

The Balance Sheet pulls live data from your chart of accounts. Every invoice posted adds to Accounts Receivable (asset) and Service Revenue (equity movement); every bill posted adds to Accounts Payable (liability). The report balances automatically—if it doesn't, you have unreconciled transactions.

Tips & common mistakes

• Report date is critical: A Balance Sheet for June 30 will differ from one for July 1 if you posted transactions on July 1.
• Don't confuse it with Profit & Loss: Balance Sheet is a position report (a moment in time); P&L is a performance report (a period).
• If totals don't balance: Check that all transactions are posted. Unposted or draft documents won't appear.
• Export before sharing: Use the export feature to send your accountant or auditor a copy in Excel or PDF.

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