General Ledger Balance Sheet Report
The balance sheet is a report that shows for a specific
point in time such as the end of a month or a year or some other dates the
financial position or status of the business.
Looking at the Balance Sheet another way, it is a statement of the
situation if the business were to immediately go out of business.
If that were to happen all assets would be sold (hopefully at book
value) and converted to a pile of cash.
Immediately the size of that pile of cash would be reduced by paying
off all creditors eliminating all liabilities.
Any cash left in the pile after this would belong to the owners and
would represent their equity or profit in the business.
If however, the cash pile produced by sale of the assets was not
large enough to pay off all liabilities and the owners were then required to
come up with money out of their pockets to finish satisfying the creditors
the business would have a loss rather than a profit.
You must enter an as of date for your balance sheet
report. You can generate a
balance sheet report based on accrual basis or cash basis.
Cash basis accounting
refers to the fact that a transaction is recorded at the point of cash
disbursement or receipt. While
accrual basis accounting is based upon the actual recognition of the
transaction can happen before the cash is disbursed or receipt.
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