QuickBooks is one of the incredible software to make financial records and budgeting easier. It helps small to large businesses to manage and keep records of their finances like expenses, bills, payments, taxes, etc. Through this accounting software, a lot of things have become simplified. You can know about your business at any time in just a few clicks. Balance Sheet QuickBooks is one of the best features in QuickBooks. If you want to know more about balance sheets in QuickBooks then you should carry on with us.
What is a QuickBooks Balance Sheet?
QuickBooks balance sheet is a financial summary of an organization or business vertical. It consists of three core elements called liabilities, assets, and equities. A financial statement that provides an overview of the business and also helps to evaluate profit loss.
Through the last section called equity, you can simply figure out if the business is in profit or not. It shows the difference between liabilities and assets.
Read More – How to Fix QuickBooks Balance Sheet out of Balance Error?
Importance of Balance Sheet
A balance sheet QuickBooks depicts what a company owns at a certain time. It reveals the actual worth of the company. With the help of a balance sheet, a company can quickly get access to its financial reports whether they have taken a lot of money or not. Hence, you know why a balance sheet is important for any business vertical.
How to Use QuickBooks Balance Sheets?
It is very easy to run the QuickBooks balance sheet. What you all need to do is follow the simple steps listed below:
In the left menu>Hit reports>Business overview>click the balance sheet option.
Here you can see many other options as well where you can customize your balance sheet QuickBooks. By scrolling up and down you can change and view the sheet. There are various tools you can use at your convenience.
How to Create a Balance Sheet in QuickBooks?
As we have already learned every aspect of QuickBooks from its importance to its definition. Now, it is time to know how one can make a sheet. Creation is easy. You can simply create one by using the following steps.
- Click on the left menu bar.
- Tap on Reports and then select a business overview.
- Here, you can see the Balance sheet option.
- Now, You need to set options for your Balance sheet.
Here are some basic options available to you in the balance sheet QuickBooks report.
Report Period
In this column, you can select a period of time for which you are making the financial statement. This time would depict the profit for a certain period. You can either choose the given time or you can customize it as per your choice.
Display Columns By
QuickBooks sheet only has a single column but on the other hand, Balance Sheet QuickBooks online has options for various columns in which you can make your choice. In the online sheet, there are options for quarterly and interim balances. Here, we would like to suggest you should use the online balance sheet QuickBooks option for extra features. You can add additional columns as per your needs such as vendors, classes, location, etc.
Compare Another Period
Through this feature, you can compare your business profits. This is the most popular feature available to you. You can make an additional column for comparison purposes this can make your work easier as you don’t need to compare the facts manually. Moreover, you can evaluate your comparison either in the percentage or in the numbers.
Accounting Method
There are two options available to you in the accounting method: the accrual method and the cash one. You can choose either. If you want your sheet to show all the accounts in the accrual method then select accrual if in the cash then select the cash option. Accrual accounting includes the feature of accounts receivable and accounts payable.
Run Report
After filling in all your details regarding the Balance Sheet QuickBooks, you will get the option to run the report. Then as you select the run report option, you can see the customized sheet of your own.
Read More – How to create an accountant’s copy in QuickBooks?
QuickBooks Balance Sheet customization
Broadly, there are four things that you can customize in your balance sheet. You can customize your sheet by selecting the customize option available to you. There are options like general, header, footer, filter, rows, and columns. So, let’s get into what these options stand for.
General
This is the very first section coming your way to customize the balance sheet. You can select the time period and the accounting method in this section only.
Header/Footer
You simply can choose what you want in your header & footer and can change the default information as per your choice. You also can place checks on the fronts of any column.
Rows/Columns
You can first select the rows and columns accordingly. After doing this you can also drag up and down any column as per your needs. This can help you to analyze your financial statement easily.
Filter
This option makes your work easier. Through Filter, you can filter your balance sheet on the basis of five options that are auction, vendors, customer, class, and product.
How to Export QuickBooks Balance Sheet?
You can easily export your balance sheet. Also, there are other options available to you that are email, print, or PDF. Here are the following steps you can do to Export:
- Click on the options in the top right corner.
- From the mail, click on the msg icon available.
- To Print, click on the Print option.
- To Export in the PDF form just click on the PDF option and get the PDF.
Conclusion
In a nutshell, We have provided you with full-fledged knowledge of the Balance Sheet QuickBooks and how it provides you with the company’s financial statements. In the above article, you may have gotten all the aspects of using QuickBooks Balance sheet. You can easily work on balance sheets after reading this article. If you still have any doubts or confusion you can reach out to us in the comments section.
Frequently Asked Questions
QuickBooks Balance sheet is a financial statement of any organization or business venture. You can simply use it to evaluate your business’s profit and loss.
For reading the balance sheet, you should know the three basic elements available in every balance sheet. First, an asset stands for the ownership of an entity. Second Liabilities are the owes of an entity and last but not least, Equity is the residual interest on the assets of the owner.
Yes, it does prepare financial statements in the name of QuickBooks balance sheet.
