A record report gives you a financial snapshot of your company as of a selected date. It calculates what proportion your business is worth (your business's equity) by subtracting all the cash your company owes (liabilities) from everything it owns (assets).

How to run a record report

• Go to Reports.
• Select Balance Sheet.

What is the difference Between a Balance Sheet Report and other Reports?

You may notice that your QuickBooks balance sheet report doesn't match your other reports even after ensuring that each one of the filters is equivalent. There a couple of reasons why this happens such as:

• Your record report may be a cumulative report that carries a beginning balance.
• In other reports, the date range you set only applies to the net and therefore the specific account you decide on within the report. (Example: If you've got $50 of nuisance tax in March and $60 in April, the record will show $110 for the nuisance tax liability account.)
• If the date range for the report in April, it'll still show the cumulative total of $110. However, if you decide on $110, its transaction detail report shows a beginning balance of $50 then a $60 transaction for April.
• Additionally, the Sales by Item report is going to be limited to the date range you set. If you set the report date for April, then it'll truly reflect only April and show the $60 only.

Types of Balance Sheets

Five different types of QuickBooks Balance Sheet Report often generated in QuickBooks.

• Standard: A basic record that shows your assets, liabilities, and equity for a selected date.
• Detail: Expands on the info on the quality record by displaying beginning and ending balances for the month alongside each transaction that happened during the period of time.
• Summary: A quick report that just shows the ending balances for all kinds of accounts, instead of each individual account. For instance, the summary report will show the accounts receivables balance together payment instead of separated by the sort of receivable.
• Previous Year Comparison: Compares the record for a selected date this year to a corresponding date one year earlier.
• Class: the info on the record is displayed by class, which is QuickBooks' way of categorizing your transactions. For instance, expense classes for a photographer may include transportation, food, and lodging, photography equipment, computer equipment, assistant, DVDs, and prints, postage, and marketing. Classes must be assigned to each income and expense transaction to be ready to use this report.

Generating a QuickBooks Balance Sheet Report

• Open QuickBooks and choose the account from the File menu from which you would like to get the record.
• Click Reports and choose Company & Financial from the menu.
• Choose the sort of record that suits your current needs from the submenu.

Compare your record report and A/R Aging Summary or A/R Aging Detail reports

When comparing your record report (Last Year/Accrual) and your A/R aging summary or A/R aging detail reports there are some belongings you should know such as:

• Once you compare these two reports, you want to specify the right Aging Method on the A/R aging report.
• If you're running the balance sheet report in QuickBooks for any date within the past, you want to select the Report date for the Aging Method. On your A/R aging reports, so as for the entire assets to match on both the record and A/R aging report.