How to Make Balance Sheet for QuickBooks
Balance sheet represents and evaluates the company’s financial circumstances at a particular point in time. It snapshots about your assets, your liabilities and net worth or equity. It is designed into two sides, as the name balance sheet referred, these two sides must balance. It is calculated by what you own to what you owe. If these two amounts are subtracted, you will get the net amount what you’re worth.
The balance sheet is your business’s main financial report, that comes with the cash flow statement and income statement. As a whole, the balance sheet contains all the financial statements, as they either are derived from or feed into the balance sheet. It gives a clear picture of the company’s finances to the potential lenders, like banks, vendors and investors, and also to the business owners to manage the daily financial activities.
Types of Balance Sheets
QuickBooks generates five types of balance sheets
- Standard: This is the basic balance sheet, which shows the assets, liabilities and equity, draws on a particular date.
- Detail: This is the expanded version of the Standard balance sheet, which displays the starting and ending balances of the month, with every single transaction of the particular time period attached.
- Summary: A brief financial report, displaying the ending balances of all accounts together. It will show the receivable balance of the accounts as total, without separating by each receivable type.
- Previous Year Comparison: This balance sheet shows the result by comparing the balance sheet of a particular date of this year, with a significant date of the previous year.
- Class: In the balance sheet, the data is segregated by class, a helpful way to categorize your transactions. For example, a photographer’s expense classes may include photography equipment, computer, DVDs, prints and postage, fooding and lodging, transportation and marketing. These classes should be set for every income and expense.
Create a balance sheet
If you are using QuickBooks online, it is easy to create a balance sheet, as the software creates it automatically. However, you can manually generate a balance sheet too. Create two columns for assets and liabilities.
Enter the list of assets in the left column, and add the total at the end. Put the liabilities list on the right column, and totaled it at the end. And then it is added to the equity section. Make sure that, the total sum of the liabilities and equity must be same as the total assets amount.
Steps to be followed:
- Click ‘Reports’ in the ‘Menu Line’
- Click ‘Company & Financial’ from the menu
- Select Balance Sheet Standard
- Enter the time period in the ‘Dates’ field
- Click the ‘Customize Report’ tab
- Choose Cash or Accrual under the Report Basis
- Click OK
Your balance sheet is ready. Now you can print reports, save as PDF, email the report.
QuickBooks Online Support allows you to memorize the balance sheet in your account. This is a time saving feature, which enables you to use the same format of the report repeatedly.
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