Financial Statements are a collection of your business’s financial information. These are written reports that are used to quantify the financial strength, performance, and liquidity of a company.
The three main financial statements are the Balance Sheet, Income statement, and Cash flow statement.
In this article, we’ll be focusing on generating the Balance Sheet.
Generating the Balance Sheet
To generate the balance sheet report,
Generating the balance sheet report
- Go to Accounting, then Reports.
- In the Reports list, search for the Balance Sheet Report and click on it.
- In the Report Screen, set the Type, Date, and if you want to Include Auxiliaries to see more details.
- Click on the Generate button.
- Once the report data has been generated, click on the configuration icon to see options to print or export the report in other formats.
The Type field allows you to view the report in a particular Period or Comparative form.
The Period option presents us with the report data up to a particular date.
The Comparative option shows you a comparison of two or more periods. This is very useful for analyzing financial statements. If we choose this option, we’ll also see the Last and Period fields, which will allow us to compare the Last 3, months, quarters, or years Periods.
In the Include Auxiliary option, you can set if you want to see the main ledger accounts’ details in the report.
By checking this option, we’ll be able to see a link to scroll to auxiliary accounts. These auxiliaries will be included in the report.