Balance Sheet Detailed Report within Time Period

This article addresses how to create a Balance Sheet Detailed report that displays both the activity within a certain time period and also the overall company balances of your assets, liabilities and equity account as of a point in time.

To begin, remember a typical Balance Sheet Summary report (most likely the report you are used to always seeing) is only going to display your Asset, Liability and Equity account balances as of a point in time, not for a period (or range) of time.

Sometimes, however, you may not like the current value or balance of a particular account because a typical Balance Sheet report only displays information that may not be indicative of recent trending business activity.

For example: if you have been historically making equity draws from your business, but in recent times (say for the past year) have really cut down on this activity, a typical viewer of your Balance Sheet may not recognize changes in your typical actions; this is because a Balance Sheet only shows balances of your entire history (up to a stated point in time) of your company. This may not seem very fair to you since you may want to prove you are on the right track to someone.

So, to be able to display your more recent befitting typical actions, here is a customized balance sheet detailed report you can create in QuickBooks Online:

Go To Reports
Choose Balance Sheet Detail
Now, for the period of time that you want to display all of the balance sheet activity that occurred, choose your date range at the top of the report (For example: January 1^st of the current year through the end of the current month).
Now click on Run Report
The next step is optional; however, it is advised that you download this report to a spreadsheet.

What you will see now is a Balance Sheet report that has been stretched vertically. But this report displays all of your Asset, Liability and Equity account activities within a certain period of time. Also, very important, this report also displays, at the far-right side, the beginning and ending balance of each account.

So, you will now have two important columns on the right side:

Amount: Amount of each transaction (Note: this column is also totaled up PER ACCOUNT at the bottom)
Balance: There is an overall beginning and ending balance PER ACCOUNT (to give you that overall company snapshot point in time balance of the account).

Now a viewer of this report can see a possible recent trend of your handling of your assets, liabilities and equity accounts in your company. Hopefully a positive trend.

Note: AccuraBooks is a bookkeeping firm only, so please consult with your C.P.A. for verification and clarification about the contents of this article.

balance sheet