A balance sheet is a financial statement that reports the company's assets, liabilities and equity balances at a given month and fiscal year. This financial statement provides a snapshot of what a company owns and owes, as well as the owner's investment. The balance sheet must always balance the Assets with liabilities and equity (Assets = liabilities + equity + net income of the P&L statement).
The financial account grouping and labels are determined by the configuration of the chart of accounts. Review Chart of Accounts > Folders for more details on configuration of groups or changing labels.
Open the balance sheet reports by selectingfrom the main EBMS menu and then opening as shown below:
Select Balance Sheet for a typical comparison balance sheet at shown below:
Review the Balance Sheet 12 Month Comparison and Balance Sheet 8 Year Comparison for multiple period comparisons to determine trends.