Balance Sheet

A Balance Sheet is a financial report that shows the financial position of a business at a specific point in time.

It summarizes what the business:

• Owns (Assets)
• Owes (Liabilities)
• Invested by the owner (Equity)

INFO

In Simple Accounting, the General Ledger is generated automatically from imported journals.

• Asset accounts are grouped under coa_type = assets
• Liability accounts are grouped under coa_type = liability
• Equity accounts are grouped under coa_type = equity

FORMULA

The Balance Sheet is based on the fundamental accounting equation

Assets = Liabilities + Equity

Example

• Balance Sheet Example

Scenarios

• Success Scenarios
  • 5.5.S1. User can view filtered balance sheet report.
• Failure Scenarios
  • 5.5.F1. Balance sheet report fails when user is not authenticated.