See the balance sheet

The Balance Sheet shows, on one date, what the business owns (assets), what it owes (liabilities) and what’s left for the owners (equity). Total assets always equal total liabilities plus equity, because every entry in your books balances.

Who can do this

Owners, and Staff whose Team has View financial statements.

1. Open the report — Go to Reports › Balance Sheet, or use the tabs from Profit & Loss.
2. Choose the date — Set As of.
3. Read it — Assets (what the business owns), Liabilities (what it owes) and Equity (assets less liabilities), each by account with its total, and Total liabilities + equity at the end.
4. Click an account — See the entries behind its balance.

The Balance Sheet with Assets, Liabilities and Equity by account and Total liabilities + equity

Profit not yet closed

Profit you’ve made but not closed into retained earnings shows in equity as “Retained Earnings (current period)”. That’s why the sheet balances before any year-end entry.

Compare with last year

Under Compare with, choose Previous year end to show the balance at the end of your previous financial year beside the date you picked.

Tip

Money in a bank or cash account shows as an asset. A credit card account is a liability: it’s money you owe.

The Balance Sheet has no cash-basis switch. To export it, press Export (see Export or print a report).