What is a Balance Sheet? How to use it inside QuickBooks?

When you think about financial statements, do you ever feel overwhelmed?

Let me show you how to generate your Balance Sheet Report and use it through QuickBooks. 😊

A financial Snap Shot of Your Business.

If you're looking for the Online version of this video click here:    • Understanding the Business Balance Sheet  

Steps to Using the Balance Sheet Report:

Go up to “Reports”
“Company & Financial”
“Balance Sheet Standard”
**Balance Sheet Report – a ‘Snapshot In Time’ of whatever date you’ve picked

➡️ Areas in Balance Sheet

➡️ Assets
Current Assets
Fixed Assets

➡️ Liabilities
Current Liabilities
Accounts Payable
Credit Cards
Other Current Liabilities
Long Term Liabilities

➡️ Equity
Opening Balance Equity
Retained Earnings
Net Income

Assets = Liabilities + Owner’s Equity
Owner’s Equity = Assets – Liabilities

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Timestamps:

0:00 - Intro
0:37 - Pulling up Balance Sheet
1:01 - What is Balance Sheet?
1:37 - Areas of Balance Sheet explained
3:51 - Assets...
4:05 - Owners Equity...
5:08 - Chart of Accounts
6:09 - Profit and Loss vs Balance Sheet
6:50 - Final Thoughts


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