Balance Sheet Report

Balance Sheet Report

What is a Balance Sheet Report?

A Balance Sheet Report is a financial statement that provides a summary of a company's assets, liabilities, and equity (owner's or shareholder's equity) as of a specific date. This report is one of the three core financial statements—alongside the Income Statement and the Statement of Cash Flows—and is essential for understanding your company's financial health at a specific point in time. It's often referred to as a "snapshot" because it captures the company's financial standing on a particular date.

It's based on the fundamental accounting equation: Assets = Liabilities + Equity

Balance Sheet Standard Report

The Balance Sheet Standard report in CustomBooks™ is a basic balance sheet report designed for straightforward review. It is distinct from the "Balance Sheet Comparative" report because the Standard report does not include comparative or analysis features. The report can be broken down to show account totals by: Total (the summary for the entire period), Years, Quarters, Months, Weeks and Days.

Running a Balance Sheet Standard Report

To run a Balance Sheet Standard Report in CustomBooks™:
  1. Navigate to Reports > under the Accounting section, select Balance Sheet Standard Report. (Alternatively, you can also navigate to Accounting > under Report section, select Balance Sheet Standard Report.)
  2. Select the Preset or Reporting Period.
  3. Click Run Report.


Balance Sheet Comparative Report

The Balance Sheet Comparative Report is the advanced version of the balance sheet in CustomBooks™. This report allows users to compare financial data over different time periods to identify trends and changes in financial position.

Like the Standard report, it can be broken down by: Total (the summary for the entire period), Years, Quarters, Months, Weeks, and Days. However, the key feature of the Comparative report is the ability to compare the selected period's breakdown against Prior Years or Prior Periods, making it a powerful tool for financial analysis and performance tracking.

Running a Balance Sheet Comparative Report

To run a Balance Sheet Comparative Report in CustomBooks™:
  1. Navigate to Reports > under the Accounting section, select Balance Sheet Comparative Report or navigate to Accounting > under Report section, select Balance Sheet Comparative Report.
  2. Select the Preset or Reporting Period.
  3. Select the Display By option (e.g., Total, Years, Quarters, Months, Weeks, or Days).
  4. Choose the Compare Against option (e.g., Prior Years or Prior Periods).
  5. Enter the Number of Periods.
  6. Click Run Report.



Report View Modes and Report Levels

Report View Modes

The Balance Sheet Reports offers two primary modes tailored for different needs:
  1. Present Mode: Optimized for quick viewing and formal presentation (e.g., PDF export). It provides a clean, high-level summary showing totals and variances, with formatting locked to the highest report level.
  2. Analyze Mode: Designed for detailed inspection and editing of the data. This is where you can drill down into transaction details, export the report, change formatting, and access all settings.



Report Levels

You can control the detail displayed in the report using Report Levels. The Present View Mode always defaults to showing only the highest report level.

There are four report levels available on the Balance Sheet Reports:
  1. Report Level 1: Displays only the Division Totals: Total Asset and Total Liabilities and Equity.
  2. Report Level 2: Displays the Section Totals: Total Current Assets, Noncurrent Assets, Total Assets, Total Current Liabilities, Total Long Term Liabilities, Total Equity, and the Total Liabilities and Equity.
  3. Report Level 3: Displays the total amount for each Account Type (e.g., Cash and Cash Equivalents, Accounts Receivable, Fixed Assets).
  4. Report Level 4: Displays the highest report level that includes the General Ledger accounts.


Variances (Comparative Only)

On a balance sheet comparative report, Variances show the difference between a line item's value in the current period compared to a prior period.
  1. The Dollar Variance ($) is the absolute monetary difference between the two periods.
  2. The Percentage Variance (%) is the dollar variance expressed as a percentage of the prior period's amount. It shows the rate of change.
  3. Combined Variance ($+%) simply means the report displays both the percentage variance and the dollar variance side-by-side for each line item. This provides a complete picture, showing both the magnitude ($) and the relative impact (%) of the change.






Report Settings

Report settings allow users to customize the content and appearance of the Balance Sheet Reports (Standard and Comparative).

General Settings

These settings control the scope and basic layout of the data presented:
  1. Accounting Method: Select the accounting reporting method (Accrual or Cash). Note: The default reporting method is whatever method is selected in the main Accounting Settings.
  2. Preset/Period: Adjust or select the reporting period for the data.
  3. Display By: Defines how the report data is grouped (Years, Quarters, Months, etc.).
  4. Compare Against: (For Comparative Report only) Defines the period to compare against (Prior Years, Prior Periods).
  5. Number or Periods: Sets the quantity of periods to include in the breakdown (if applicable).
  6. Account Presentation: Choose how accounts are displayed: Account Description Only, Account Code Only, or Account Code and Description.
  7. Show Zero/Inactive Accounts: Option to Show/Hide accounts that have zero balances or are marked as inactive.
  8. Sort Fields: Define the primary sorting criteria, such as by Account Type, Account, As of Date, Section, Division, or Variance ($, %).



Filter Settings

Filters refine the transactions or accounts included in the report:
  1. Filter by Class or Project.
  2. By Section, Account Type, or Account.
  3. By As of Date.
  4. By Amount RC Balance.
  5. or by Variance.



Header/Footer Settings

Used for document identification and branding:
  1. Set the Title, Header text, and Footer text (optional) for the printed or exported report.


Charts Settings

Optional addition of visual elements like a Line, Bar, or Pie Chart directly onto the report to illustrate trends.


Format Settings

Page Setup: These settings control the physical layout for printing:
  1. Adjust Paper Size
  2. Adjust the Margins
  3. Orientation (Portrait/Landscape).
  4. Choose to print in Color or Black & White.
  5. Set Pages per Sheet
  6. Set the Scaling for print optimization.



Format Numeric Field: Controls how numbers appear in columns:
  1. Increase or decrease the Decimal Precision.
  2. Set Display Value for Zeroes (e.g., -, Zero, or 0.00).
  3. Define Negative Number Presentation (e.g., (1.1), -1.1, or - 1.1).
  4. Option to display negative numbers in RED.



Command Buttons

These buttons provide direct actions related to managing, viewing, printing, or distributing the report configuration and output:
  1. Run Report: Generates the report based on the currently selected settings and view mode.
  2. Settings Drop-down:
    1. Hide Settings: Collapses the entire settings panel from view.
    2. Save Settings: Saves the current configuration to your user account with a custom name for later use.
    3. Select Saved Settings (Load): Loads a previously saved report configuration.
    4. Restore Default Settings: Reverts all report options back to the system default values.
  3. Open New Report: Opens a new, blank Balance Sheet Report tab/window.
  4. Print: Sends the currently viewed report configuration to a connected printer.
  5. Export: Converts the report output to various file types (PDF, XLSX, DOCX, etc.). Note: This button is only enabled when the report is in Analyze View Mode.
  6. Send via Email: Attaches the report output and prepares an email for distribution.



Frequently Asked Questions

Question: How do I remove or hide the parameters in the report header? (e.g. Accounting Method, Display By, Account Presentation, Class, Project, etc)

Answer: Show/Hide parameters in the report header by clicking the "Show/Hide Parameters" button (the eye icon) in the General and Filter Settings.


Question: Why can't I export the report? The Export button is grayed out.

Answer: It's because you are currently in Present View Mode. Select Analyze View Mode to enable the Export and Send button.


Question: I ran the report and tried to open the transactions, but the system won't let me. Nothing happens when I double-click any transaction.

Answer: To drill down into transaction details, you must be in Analyze View Mode. You can double-click the Amount to drill down.

    • Related Articles

    • Multi-currency Balance Sheet Report (extension)

      Introduction Now available with multiple currencies, CustomBooks™’s Balance Sheet report gives business owners the ability to manage the company's assets, liabilities and shareholders equity in the default or target currencies. Installation Please ...

    • AccountingSuite™ Product Perks: May 2024 - Financial Comparative Reports

      Financial Comparative Reports Open cbdee363-686a-425d-9459-f15fc928e703.gif This month’s Product Perks video highlights our Comparative Financial Reports. Checking to see how you’re doing in relation to past periods is always a good thing and these ...

    • Income Statement Standard Report

      Income Statement Standard Report CustomBooks™'s Income Statement Report (also referred to as the Profit & Loss, or simply P&L) is designed with accounting standards in mind. The report shows how income and expenses are incurred (both operating and ...

    • Income Statement Comparative Report

      Overview An Income Statement Comparative Report is a financial document that compares the income statements of a company across multiple periods. This report is essential for analyzing trends, understanding performance over time, and making informed ...

    • General Ledger Report

      A General Ledger Report is a comprehensive summary of all financial transactions posted to every account (like cash, sales, inventory, etc.) within a specific date range. By default, the General Ledger Report displays the transaction number, Company ...