How To: Run the Balance Sheet for the Current Year
Table Of Contents
Introduction
The Balance Sheet provides a snapshot of your company's financial position, including assets, liabilities and retained earnings.
When running the Balance Sheet for the current financial year, you can choose to display data up to a specific month. This allows you to review year-to-date balances at different points throughout the year.
Note: The Until Month option is only available for the current financial year and will include data from all previous months within that same year.
Run the Balance Sheet
- Open an Accounts screen (show me how).
- Open the [ Balance Sheet ] tab.
- Configure the filters at the top of the screen:
- Set the Year Ending filter to the current financial year.
- Turn the filter traffic light green to enable it.
- In the Only Applicable to Current Year section:
- Select the required Until Month.
- Tick Exclude transactions from previous years if you do not want balances from earlier financial years included in the report.
- Click Go.
- The Balance Sheet results will be displayed in the grid below.
Understanding the Until Month Option
The Until Month filter produces a year-to-date Balance Sheet.
For example (financial year January to December):
| Until Month | Data Included |
|---|---|
| March | January to March |
| June | January to June |
| September | January to September |
| December | January to December |
This makes it easy to compare your financial position at different stages throughout the current financial year.
Tips
- Use Exclude transactions from previous years when you only want to review activity and balances generated during the current financial year.
- Verify that the correct financial year has been selected before running the report.
- Export or print the Balance Sheet if you need to share the information with your accountant or management team.
- Compare Balance Sheets from different months to monitor changes in assets, liabilities and retained earnings.