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Balance sheet
Read assets, liabilities and equity as a financial position on one date.
The balance sheet is a snapshot. It shows the assets and receivables on the reporting date and how they are financed by liabilities and equity.
Step by step
- 1Select the reporting date. Postings up to and including that date count; later postings do not.
- 2Review assets such as bank, cash, receivables and property or equipment.
- 3Review liabilities such as supplier balances, taxes, loans and equity.
- 4Check that assets and liabilities plus equity reconcile, and open unusual figures in the ledger.
- 5Compare two dates only together with the movements between them; a difference does not explain the result by itself.
What is on the screen?
- Reporting date
- Assets
- Liabilities and equity
- Link to ledger
What happens next?
The balance sheet shows the posted position on the selected date. The current result may be included within equity, but a balance sheet does not explain which revenue and expenses formed that result.
Continue reading
Trial balance
Review totals and balances per account and trace discrepancies to the ledger card.
Read guidance →Profit and loss statement
Assess revenue, expenses and result over a selected period.
Read guidance →Fiscal years
Review the annual result and manage closing, reopening and boundaries of open fiscal years.
Read guidance →