AccuraBooks Balance Sheet that Shows Different Points in Time
This article addresses how to create a Balance Sheet that displays different points in time on one statement in QuickBooks Online.
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 only one 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 you can create in QuickBooks Online:
- Go To Reports
- Choose Balance Sheet
- Now, for the period of time you want to display the different points in time on this customized balance sheet, choose your date range at the top of the report (For example: January 1st of the current year through the end of the current month).
- Now, very importantly, click on “Display column by” on the top left side and choose “Months”.
- Now click on Run Report
What you will see now is a Balance Sheet report that has been stretched horizontally. But this report now displays all of your Asset, Liability and Equity account balances as of different points in time (at the end of each month displayed).
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.