How To Print QBO Customer Balance Detail
A Balance Sheet shows a financial snapshot of your company. It is always “as of” a specific date. Remember that some reports cover a period of time but this report is a picture at a specific time. It shows the balances for each asset, liability, and equity account as of that specific date. So what are these account types?
Asset: It is something that a company owns that has value. A company typically acquires an asset so they can use it in providing the products or services that makeup their business. For example, Assets include physical property such as plants, trucks, equipment, and inventory such as products sold. Assets may also be intangible such as a trademarks or patent.
Liability: This is what is owed to others. A company may form a liability for many reasons including a loan, salaries payable, or taxes.
Equity: If the business took the assets and subtracted the liabilities it would equal the net worth of the business which is called “equity.” Owners can directly affect equity by putting money into the company as a “contribution” or taking money out of the company as a withdrawal.
Printing the Balance Sheet is easy. For example:
1) Reports, Standard, Business Overview, Balance Sheet
2) Customize, Rows/Columns, Period Comparison, Previous Period (PP)
3) Run report
ROI Accounting, LLC serves St. George locally and the U.S. remotely and provides a full range of QuickBooks support and bookkeeping services. As always, if you have any questions, please give us a call.
Partial example from sample company to the right: