Balance Sheet

The Balance Sheet (also called Statement of Financial Position) is the summary of financial balances of a business at the selected date. For example, assets, liabilities and equity items are listed at the specific date, which is typically the end of the financial year. It is often described as a “snapshot of a company’s financial condition.

1. The balance sheet date: Balances for 12 months ended this date are selected for this report

2. This Period or Comparison with Last Year: see example below

3. Format: see below for examples

Example 1 (This period, Format 1, with Grouping Account)

This period: Show only this year balances

1. Grouping Account ticked: Balances from sub GL codes are totalled into the main GL code

2. Format 1 balances Net Assets with Net Capital

Example 2 (Comparison with Last Year, Format 2, without Grouping Account)

1. Comparison with Last Year: Add a column for Last Year and Variance (difference between this and last year)

2. Grouping Account unticked: Sub GL codes are separated from the main GL code

3. Format 2 balances Total Assets with Total Liability and Capital

Date selected is outside financial period

If you select a date that is outside the financial period set in Company Profile Settings, then an error message will pop out asking you to change the financial period.

Example: Select a year that is outside this accounting period (e.g. your financial period is from 1/1/2015-31/12/2015, the selected date 17/06/2016 is not within this period).

A new window opens to prompt you of this. Select Yes and then change the financial period.

Change the period so that the balance sheet date falls within this period. Then select OK.

Example: The balance sheet date 17/06/2016 will fall within 1/1/2016-31/12/2016

Note: This will not change the financial period in Company Profile Settings, but only temporarily set it for this report [see below].

1. The financial period remains the same