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Balance Sheet

The Balance Sheet is a snapshot of your business’s financial position at a specific point in time. It shows what you own (assets), what you owe (liabilities), and what’s left over (equity).

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The fundamental equation

Assets = Liabilities + EquityThis equation always balances. If it doesn’t, something is miscategorized or a journal entry is needed.

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What each section means

SectionWhat it showsExamples
AssetsWhat your business ownsBank accounts, accounts receivable, equipment
LiabilitiesWhat your business owesCredit card balances, loans, accounts payable
EquityThe owner’s stake in the businessOwner contributions, retained earnings

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Running the report

  1. Go to Reports → Balance Sheet
  2. Select the as-of date (the point in time you want to see)
  3. Click Generate
Unlike the P&L which shows a period, the Balance Sheet shows a single point in time — “What does my business look like financially as of December 31?”

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Exporting

Click Export to download as PDF or CSV.
Compare balance sheets across different dates to see how your business’s financial position has changed over time. For example, compare January 1 vs. December 31 to see the year’s progress.