Do you know what is a Balance Sheet Report? In this blog, you are going to know about the Balance Sheet Report. A Balance Sheet Report will be very helpful in providing a financial statement of your company according to the specified date. It properly calculates the amount worth by your business(your business’s equity) by subtracting the whole of your money and your company’s own (liabilities) from everything that you own(assets).
Note: For calculating this, Equity = Assets – Liability
The total for the equity including your company’s net income for the fiscal year to date.
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How to Run a Balance Sheet Report
To run a Balance Sheet Report you have to follow some simple steps. Follow the steps in the given order. These are listed below:
- Firstly, Go to “Reports”
- After that choose “Balance Sheet”
Tip: To check out the higher-level summary, you have to go through the “Balance Sheet Summary” report rather than others.
Difference Between a Balance Sheet Report and Other Reports?
Let see the difference between a Balance Sheet Report and other Reports. Here you know that the balance sheet reports are not matched with other reports. Even after you have to ensure that all the filters you have are similar. Few reasons are described here why this occurs, these are:
- Your Balance Sheet Report comes under the Cumulative Report of your company’s starting balance.
- When we are talking about other reports, the date range will only be applied to “Net Income” and a particular amount will also be selected within the report.
Note: We have an example for you: Suppose you will have $50 of Sales Tax in March and $60 in April, the balance sheet will only represent $110 for the “Sales tax liability” account.
- For the Report, If the date range is April, it will only represent the cumulative total of $110. Although, if you have selected $110, Its transaction report will appear as the starting balance indicating a balance of $50 and then $60 transaction for the Month(April).
- Additionally, The “sales by the report” is restricted to the date range you have already set, or you can change it as per your need. If the report date you have set is April then you are only eligible to check out the reports only for April and $60 dollars will only be represented.
Suggested Read: How to Fix Payroll Liability and Balance Sheet Report
How to Compare your Balance Sheet Report and A/R Ageing Summary/A/R ageing Detail Reports
At the time of comparative study of your “Balance Sheet report” either (Last Year or Accrual) and your A/R ageing summary or A/R ageing detail reports, the few key points you should be key focussed and also need to know. These are:
- At the time of comparing the Balance Sheet Report and A/R ageing Summary or A/R ageing Detail Reports, you must specify the correct “Ageing Method” on the “A/R ageing report”.
- If you want to run the Balance Sheet report for any date looking in the past, you are required to choose “Report Date” for the “ageing Method” on your “A/R ageing Reports”.
We thought all the topics that define the basics of the Balance Sheet Report will be successfully covered. Now you’ll be able to create the Balance Sheet Report without any problem.
We hope this blog may clear all your doubts and confusion regarding the Balance Sheet Report. If you are still not satisfied and looking for other help to learn more about the topic then you can drop a call anytime and from any location all over the USA states or regions and join our technical Support to instantly get resolved your queries. If you are unable to find the query, you will have the option to post your queries by getting in touch with us.