Balance Sheet
See what the business owns, what it owes and what is left for you, on one date.
The Balance Sheet answers two questions. What do I own, and what do I owe? It is a picture of one day, not a stretch of time. Use it to see how much cash you have, who owes you and what you owe others.
Open the Balance Sheet
Press the Reports icon, then Balance Sheet under Financial Statements.
The picture is scrolled down to its totals, because the report is longer than the window.
Read it
| Section | What it holds |
|---|---|
| Assets | What the business owns, such as bank accounts, money customers owe you and equipment. Total Assets adds it up. |
| Liabilities | What the business owes, such as credit cards, bills from vendors and taxes owed. Total Liabilities adds it up. |
| Equity | What would be left for you if the business paid everything it owes. It is your own stake in the business. Total Equity adds it up. |
| Liabilities & Equity | Total Liabilities plus Total Equity. |
Total Liabilities & Equity matches Total Assets, because every transaction has two sides (see How TrueSum keeps the books).
In Equity, Net Income is the profit of the current fiscal year so far. The profit of earlier fiscal years is in your Retained Earnings account.
Choose the date
The report opens as of today. In Report Details, As Of is Today, Fiscal Year End or Custom. Changing As Of Date makes it Custom.
Turn on Compare with previous period to put the same date a year earlier beside it, with a Change column. Turn off Show individual accounts to show one row for each group, as in the Profit & Loss.
Basis matters here too. On Cash, money customers have not paid yet is not an asset. See Run a report.