You can move up and down by scrolling the right bar in selecting your desired financial reports.
• Or from Main Manu > Reports > select Company & Financial > Balance Sheet.
Balance Sheet Standard Report
The Balance Sheet represents the balance of company’s Assets, Liabilities, and Equity at a given point in time (e.g. Dec 31) of the business. In other words, it shows how much your company owns (Assets), owes (Liabilities), and its net worth (Equity). It is like a snapshot of a company’s financials, and it is the only Financial Statement that is reported at a specific point in time.
Recall that Balance Sheet has to satisfy the Basic Accounting Equation: ASSET = LIABILTIES + EQUITY
You can obtain this report by double clicking the Balance Sheet Standard report in the above example or from the Main Menu > Reports > Company & Financials > Balance Sheet Standard. Choose the required Dates from the drop-down menu:
Assets
Consists of everything of value that your company owns:
• Current Assets - cash, chequing account, saving account, account receivable, inventory, prepaid expenses, etc.
• Fixed Assets - land, buildings, machinery, equipment, vehicles, furniture, etc.
• Long Term Assets – long term investments, loans, etc.
Liabilities
Consists of everything of value that your company owes:
• Current Liabilities - account payable, credit cards, taxes payable, payroll payables, short term debt, etc.
• Long Term Liabilities - long term debt, mortgages, bonds, etc.
Equity
This is the net worth of your company, the net value that remains after deducting all liabilities from assets. Increasing your profit will increase your net worth and vice versa.