The balance sheet shows the company’s financial position at the end of a specified period. The components of the balance sheet are
- Liabilities, and
- Shareholder’s equity.
The first step in creating a Balance Sheet is to identify which components each G/L account is reported under. To do this, we categorize accounts into statement groups.
All statement groups identified as balance sheet accounts will be included in the Balance Sheet.
To generate a Balance Sheet, navigate to the [d] General Ledger, then [h] Financial Statements, then [a] Balance Sheet.
You can select to just display the balances for the requested G/L period, or the accumulated year to date amounts. You can also review the actual amounts posted to each G/L account, or the budgeted amounts for each G/L account.
The Statement Groups for the Balance Sheet are set up with two categories (heading type = ‘C’).
So the Balance Sheet Shows Assets on the first page, with a subtotal.
It then starts on a new page and reports Liabilities & Equity, also with a subtotal.
Printing, Emailing, Exporting to Excel
Like all reports, you can export the Balance Sheet to an excel spreadsheet and further examine it. Or you can print or email a PDF version.