Balance Sheet


A Balance sheet is a financial statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.


Balance sheet equation: Asset = Liabilities + Equity.
An Asset is something valuable that an entity owns, benefits from, or has use of, in generating income.
A Current assets include cash and cash equivalents, accounts receivable, inventory, marketable securities, prepaid expenses and other liquid assets that can be readily converted to cash.
A Non Current assets are long-term assets that a company expects to hold over one financial year that cannot readily be converted to cash within a year eg Investments, Property & Plant, Intangibles.
A liability is a debt, obligation or responsibility by an individual or company such as Accounts Payable.
Current liabilities are debts that are due within 12 months or the yearly portion of a long term debt.
Long-term liabilities are due more than a year after the balance sheet date.
Owner's equity is the amount of assets minus the amount of liabilities.
Retained earnings = Cumulative net income minus cumulative dividends paid to shareholders.
Net Profit after tax =
(Total Revenue – Total Expenses)/Total Revenue = Net Profit/Total Revenue = After-Tax Profit Margin. By dividing net profit by total revenue, we can see what percentage of revenue made it all the way to the bottom line, which is good for investors.
The net income formula is calculated by subtracting total expenses from total revenues 

Image of report result

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Running the report

  1. In the Navigation panel, go to Reports then Form Reports.
  2. In the list of reports find the category General Ledger then select Balance Sheet
  3. Select a parameter some options may be as per image

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  4. Select the parameter 
  5. Click on Show Report Using Parameters, screen as per below will appear

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  6. Start Period and End Period fields
    1. If you require report for 1 period key in same period into both fields
    2. If you require specific range of periods enter the start period and end period for that range. 
  7. Depth- 
  8. If you want zero balances on report visible check the box
  9. Click OK and report runs
  10. Result appears as above image.

Use Case