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      What is a Balance Sheet Report?

      A Balance Sheet is a snapshot of your business’ financial position on a given day, usually calculated at the end of the quarter or year. Balance Sheets are also useful in summarizing your business’ assets, liabilities and owner’s equity (also known as shareholders’ equity).

      The way your finances balance is as follows: Assets = Liabilities + Owner’s Equity. When everything balances, all your finances have been accounted for.

      Accounting reports like the Balance Sheet Report are available on the Plus and Premium plans only.


      The Balance Sheet Report will only be accurate with data from January 1, 2018 onwards.


      Access Balance Sheet

      To access your Balance Sheet, use these steps:

      1. Click on the Accounting section
      2. Select Balance Sheet under Accounting Reports.

      There are a few things you're able to change when running the Balance Sheet. Click on the button next to the Report title, and you'll see some filters:
      Balance sheet report with filters to adjust.

      • Balance Date - Within the dropdown, choose one of the preset ranges (Today, End of Last Month, End of Last Quarter) or choose a Custom date instead (Jan 1, 2018 is the earliest date we can retrieve data from currently)
      • Compare Dates - Check this box off and a new date box will appear, this allows you to compare two different dates to see trends or how the health of your business has changed over time
      • Currency - Choose between individual currencies


      An asset is anything tangible or intangible that your business owns or controls and produces value in some way. Assets can include anything like:

      • Accounts Receivable - Any outstanding invoices and payments
      • Equipment - Any tangible items of value that are business-related purchases
      • Inventory - Goods and materials that your business holds for purpose of resale (doesn’t count any items you’ve sold)
      • Petty Cash - Any funds your business has direct access to (includes cash and funds in bank accounts)
      • Reimbursable Expenses - Any expenses purchased that will be reimbursed by another party


      Liabilities are funds that your business owes. Liabilities can include anything like:

      • Accounts Payable - Any money that you owe for reasons other than a loan (like an unpaid invoice or bill)
      • Current Loans Payable - The total value of any loans that you haven’t paid back yet
      • Customer Credit - Any available credit remaining for any of your clients
      • Credit Cards - The amount of your business’ unpaid credit card debt
      • Taxes Payable - Taxes that you owe the government
      • Unearned Revenue - Amount of prepaid revenue, like deposits


      Known as Owner’s Equity or Shareholders’ Equity, this is what you put in or take out of a business, and represents assets that remain after deducting liabilities. Equity can include anything like:

      • Owner’s Equity - Amount invested into the business by the owner
      • Common Stock - Value of the business’ stock
      • Retained Earnings - Income retained by the business rather than distributed to the owner(s) as dividends


      Why is my Balance Sheet not balancing? 

      In other words, Assets ≠ Liabilities + Owner’s Equity.

      How can I reflect my fiscal year in my reports?

      If you need to adjust any of your reports to reflect a particular year, or a year end, click on the filter icon next to any report title to adjust the Date Range. For example, see the steps in the Profit & Loss Report here.

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