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Read the Balance Sheet
See what your business owns and owes on any date, and check that assets equal liabilities plus profit.
The Balance Sheet shows your assets and liabilities on one date. Balances carry forward from earlier financial years, so it always shows the full position up to that date.
Before you start
- Enter ledger opening balances for your first year. See Ledger opening balances.
- Stock value comes from your stock records. Check product opening stock on Products.
Steps
- Open Reports > Balance Sheet.
- Check the As on date. It starts at the last day of the financial year selected on the Dashboard.
- Change the date if you want the position on another day. The report reloads on its own.
- Read the summary strip: TOTAL LIABILITIES, TOTAL ASSETS, net profit (or loss) and Balanced or Difference.
- Read the Liabilities & Equity section, then the Assets section. Each group shows its total and the number of ledgers in it.
- Check the last row, ACCOUNTING EQUATION (Assets = Liabilities + Net Profit). It shows Balanced when both sides match.
Open the details
- Click a group row to open or close its ledgers. Use Expand All or Collapse All above the table.
- Click a ledger name to open its ledger report up to the same date.
- Lines marked Computed are worked out by the app. They cannot be opened.
Export or download
- Click the Export icon (download arrow) to save an Excel file.
- Click the Download PDF icon to save a PDF.
- Click Refresh to reload after posting new entries.
How lines are placed
| Line | What it means |
|---|---|
| A ledger in Assets or Liabilities | A ledger is shown on the side that matches its balance. A debit balance shows in Assets; a credit balance shows in Liabilities. For example, a customer who paid you in advance shows in Liabilities. |
| Stock-in-hand | Stock value on the As on date, worked out from stock movements (FIFO). |
| Net Profit / Net Loss | Profit or loss of the current financial year. Profit is in Liabilities; loss is in Assets. |
| Reserves & Surplus (b/f) / Accumulated Loss (b/f) | Total profit or loss of all earlier years, brought forward. |
Common problems
- Difference shows instead of Balanced — total assets and total liabilities do not match. Check the Trial balance for the same dates first. Also check the Opening Balance Equity ledger: a balance there means your ledger opening balances did not match. See Ledger opening balances.
- A bank or customer ledger is on the "wrong" side — this is by design. It sits on the side of its balance. An overdrawn bank shows in Liabilities.
- No entries found. — nothing is posted to that side up to this date.
- Financial year not found — pick a financial year again on the Dashboard.
Related
More in Reports
Read the Trial BalanceSee the debit and credit balance of every ledger, check that your books balance, and export or open any ledger.Read the Profit & Loss statementSee gross profit from the trading account and net profit after indirect income and expenses, for any period.Receipt & Payment and Cash Flow reportsSee all money that came into and went out of your cash and bank ledgers, and the cash flow split into operating, investing and financing.View a ledger reportSee every entry in one ledger with a running balance, open any entry to edit it, and export the ledger to Excel or PDF.