Balance sheet
What you own, what you owe, and what is left over, as of one date. Assets always equal liabilities plus equity.
In Solo Superstars
Open Reports › Balance sheet and pick an as-of date. Bank accounts, receivables and fixed assets on the left; cards, payables and sales tax owed on the right; equity closes the gap. Inventory valuation is a planned addition.
Example
Assets 58,100 = liabilities 3,070 + equity 55,030.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- statement of financial position
- QuickBooks: Balance Sheet
Related
- Account class — The five fundamental kinds of account: asset, liability, equity, revenue, and expense. Every ledger account is one of them.
- Equity section — The bottom of the Balance sheet: what the owner has put in, taken out, and kept as retained earnings.
- Trial balance — A list of every ledger account with its debit or credit total for a date range. The two grand totals must match.
- Accounts receivable — Invoices you have sent that customers have not paid yet. An asset, because the money is coming.
- Accounts payable — Bills you have received but not yet paid. A liability until the money leaves your bank.