How do you create a balance sheet in QuickBooks, or what do you understand by a Balance sheet? If that's what you are asking, this comprehensive post is exactly what you are searching for. Balance Sheet in QuickBooks is prepared to determine your company's financial performance so that you can make financial decisions wisely.
However, properly preparing the balance sheet report is essential to get complete insight into the companys performance. Lets begin reading this blog and collect all the essential details to manage the company accounts.
Are you unable to figure out how to fix QuickBooks Balance Sheet issues and need immediate help? Call us at 8334602030 and get proper stepwise instructions from our professionals to clarify all your doubts.
What Do You Understand By Balance Sheet in QuickBooks?
A balance sheet is a financial statement prepared by the businesses to get a clear picture of the companys financial condition. Within the first section of the balance sheet, you will see the column of Assets, which represents what the company owns. It might comprise accounts receivable, furniture, equipment, cash, or inventory.
On the other section of the balance sheet, you will see the column of Liabilities, which reflects what the company owes. It comprises of a car loan, accounts payable, credit card debt, and mortgages. At last, you must verify that the owners equity must equal the assets minus liabilities (Equity = Assets - Liabilities).
Now that you understand the Balance Sheet QuickBooks move further to preparing balance sheet reports.
Exploring the Stepwise Instructions to Prepare a Balance Sheet in QuickBooks
Are you thinking about how to create a balance sheet in QuickBooks and unable to find the right procedure? Well, in that case, you dont have to panic anymore. Read the procedure given below and prepare the balance sheet in QuickBooks accurately.
1st Stage:- Generate a Brand New Balance Sheet
Go through the steps instructed below to prepare the balance sheet appropriately.
To start the process, navigate to the Reports option from the left menu.
Thereon, you must hover your cursor over the Business Overview option.
Afterwards, browse the highlighted Balance Sheet option to end the process.
2nd Stage: Add the Information to Construct the Balance Sheet Report
Now, the users must include the following details and then hit the Run Report button to prepare the balance sheet accurately.
1. Report Period:-
In this column, you must choose the time period as per your financial statements. Alternatively, you may pick the time period from the previous options using the drop-down menu. Also, include your balance sheet's beginning and end dates for the custom period.
2. Display Columns By:-
Here, the QuickBooks Balance Sheet will provide only one column at the end. Moreover, you will also get additional columns for interim balances, like quarterly. For this, you have to pick from the drop-down box. Above all, the additional columns are included to separate the balance by customers, vendors, classes, locations, and so on.
3. Show Non-Zero or Active Only:-
QuickBooks Balance Sheet only represents you with the rows and columns that are active, or you are using at present during the accounting period. Thus, it prevents the users from including irrelevant things on the balance sheet report.
4. Compare Another Period:-
Moreover, the Balance Sheets also allow you to tally the balance sheets across different periods. You may also include the previous years balance sheet balances in a new section for comparison purposes. In addition to this, an extra column representing the difference between current and earlier periods may also be included. The users can include it either through a dollar or percentage change.
5. Accounting Method:-
You may also pick whether you wish to prepare the balance sheet on the Cash or Accrual basis of Accounting. Within the Accrual accounting, you can include accounts Receivable and Accounts Payable. On the other side, the Cash basis is utilized by small businesses for tax purposes.
6. Run Report:-
Once you have made all the necessary changes, you must hit the Run Report option.
7. Customize:-
Afterwards, you are supposed to choose the Customize option to customize the balance sheets.
8. Save Customization:-
To save all the changes made in the QuickBooks Balance Sheet, tap the Save Customization option and then change the report's name. Later on, this customized balance sheet is saved, and you can obtain it from the Reports tab.
3rd Stage:- Edit Your QuickBooks Balance Sheet According To Your Requirements
The users can change the QuickBooks Balance Sheet per their needs by tapping the Customized button. The customization comprises four different sections. We have explained all of them below.
General:-
This column has a reporting period from where you must pick the date range. Afterwards, you must select the accounting method between Cash or Accrual. Moreover, you may also opt for the format of negative numbers.
Rows/Columns:-
Within this section, you can edit the order of the column. Thereon, choose the checkboxes to select the columns you wish to add to the Balance Sheet. Moreover, you may also compute the Total Assets for every asset by adding % of the column. Later on, pick the column and drag it upwards or downwards according to your requirements in balance sheet reports.
Filter:-
There are five different types of filters, including Customer, Vendor, Location, Class, and Product/Service, which can be imposed on the balance sheet. Moreover, you may also pick the location that helps run the balance sheet reports efficiently.
Header/Footer:-
Moreover, the Balance Sheet also provides you with the option with the help of which you can set the information that is to be placed in the header and footer. Apart from this, you may also change the company name or report name according to your preference.
4th Stage:- Print or Email Your Balance Sheet Report
You have the option to either export, print, or email the balance sheet reports in QuickBooks. The users will be given three icons on the balance sheet report at the top-right side. We have listed them below.
You must choose the Email icon to send the Balance Sheet Reports as a PDF attachment in an email.
On the other hand, tap on the Print icon to print the copy of QuickBooks Balance Sheet reports.
Moreover, you must pick the Export drop-down menu to export the balance sheet report in PDF or an Excel spreadsheet format.
Stepwise Instructions to Run Balance Sheet QuickBooks
Once you have prepared the balance Sheet report accurately, you need to run it. Follow the procedure described below to run balance sheet QuickBooks properly.
Firstly, launch the QuickBooks application and pick the Reports menu from the left side menu.
Afterwards, navigate to the Business Overview section and pick the Balance Sheet option.
Thereon, scroll it to view and make changes in the options for your balance sheet.
Next, you must customize the balance sheet by hitting the highlighted Customize option.
With this, you will obtain the final report on your screen, from where you must pick the option to print, email, or export the QuickBooks balance sheet report according to your choice.
Final Thoughts!!
We assure you that with the help of this blog, you have a clear picture in your mind to prepare the balance sheet in QuickBooks. However, if you dont have much accounting knowledge and need expert supervision, consult with our professionals immediately. You can reach our QuickBooks experts anytime via live chat or email support facility for timely resolution.
