The balance sheet shows the company’s financial position at the end of a specified period. The components of the balance sheet are
- Assets,
- Liabilities, and
- Shareholder’s equity.
Statement Groups
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.
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.