Definition & Purpose:
The Balance Sheet report summarizes asset and liability accounts from the start of the fiscal year to the end of the fiscal year, and calculations on their changes.
Structure:
The default Balance Sheet report displays beginning and ending balances, debit and credit totals, and change calculations for the entirety of the chosen fiscal year. A summary at the end displaying totals for assets less liabilities for each column is located at the bottom of the report.
Report:
More information regarding the setup of the report can be seen when it is opened for editing (by clicking the pencil icon to the right of the report name on the Financial Reports list).
Row defaults can be edited on the left side of the report.
Row Defaults:
- Account types are filtered to show only asset and liability accounts. For other grouping and exclusion options, Report Tags can also be used.
- The chart depth is used to determine the level of detail within the report, with a default setting to show all individual accounts.
- The Summary chosen includes assets (as a positive balance) and liabilities (as a negative balance), which allows for a difference of assets less liabilities to display at the bottom of the report.
Columns can be added from the right side of the report or edited by clicking on an existing column header.
Column Defaults:
- The first column, by default, displays the balance for each row at the start of the fiscal year, regardless of the selected fiscal period (month or quarter).
- The second column, by default, displays the balance for each row at the end of the fiscal year, regardless of the selected fiscal period (month or quarter).
- The third column, by default, summarizes the total annual debit activity for each row, regardless of the selected fiscal period (month or quarter).
- The fourth column, by default, summarizes the total annual credit activity for each row, regardless of the selected fiscal period (month or quarter).
- The fifth column, by default, calculates the difference between the ending balance (second column) and the beginning balance (first column), showing the net change amount.
- The fifth column, by default, calculates the percentage of change by dividing the net change amount (fifth column) by the beginning balance (first column).
Note: Since this is a default report, any edits to rows or columns will need to be saved as a copy in the upper right corner, under a different name.