Overview
The Balance Sheet shows the financial position of your business at a specific date. It follows the fundamental accounting equation:
Assets = Liabilities + Equity
| Section | Description |
|---|---|
| Assets | What the business owns — bank accounts, receivables, equipment |
| Liabilities | What the business owes — loans, credit cards, payables |
| Equity | The residual value (Assets minus Liabilities) |
Date Selection
Unlike the Profit & Loss which uses a date range, the Balance Sheet uses a single date — it shows cumulative account balances up to and including that date.
The page also displays your financial year start and tax calculation period for reference.
Reading the Report
Accounts are grouped by type with subtotals for each section. The report shows:
- Individual account balances within each section
- Section subtotals (Total Assets, Total Liabilities)
- Net Assets (Assets minus Liabilities)
- Equity including retained earnings
If the report balances correctly, Total Assets will equal Total Liabilities plus Equity.
Permissions
- Owners, Super Admins, and Accountants can view the Balance Sheet
- Admins, General Users, and Clients cannot access accounting reports
Note: Requires the accounting add-on on your subscription plan.