The balance sheet is a statement of the financial position of a business that lists the assets, liabilities, and equity at a particular point in time. Simply, the balance sheet illustrates your business’s net worth. The balance sheet formula is asset = liabilities + equity.
Assets are things that a company owns and are sometimes referred to as the resources of the company. For example vehicles, cash, supplies, and equipment.
Liabilities are obligations of the company. For example loans from the bank, taxes, accounts payable, wages, etc.
Equity, also known as shareholder’s equity is the difference (or residual) of assets minus liabilities. Equity is also the “Book value” of the corporation.
*Notes: Before going to Income Statement in the Accounting Menu, please make sure the Report role is Activated on your User's Group Access in the DealPOS.
For more details, the picture below is an example for a balance sheet page:
Go to Reports and click Balance Sheet
Notes: also use the filter to set the range date and select the outlet you want to appear to
You might also like to read this article:
To represent the record-keeping flow in and out of Chart of Account: General Ledger
To view the report of profit and loss of your company on a period: Income Statement
To know about the movement of cash in a period: Cash Flow
