I recommend using an accrual-basis Balance Sheet for management purposes, even though most small businesses will have to print a cash-basis balance sheet for tax purposes.į. Accrual accounting includes accounts payable and accounts receivable. Accounting method: Choose whether the Balance Sheet should be prepared on the cash or accrual basis of accounting. You can also add a column with the difference between the current and prior periods as either a dollar or percentage change.Į. Compare another period: For comparison purposes, you can include an additional column that shows the balances of the prior period’s Balance Sheet. This is a good setting as it’ll eradicate unnecessary clutter in your balance sheet.ĭ. Show non-zero or active only: The default is to show just rows and columns that have activity during the period. You can also display additional columns to separate the balances by customer, vendors, classes, locations, or other categories.Ĭ. You can choose to display additional columns for interim balances, such as quarterly, by clicking the drop-down box. Display columns by: By default, the balance sheet will have a single column for the balances at the end of the reporting period. Since the net income in the equity section of your balance sheet should agree with the net income on your Profit and Loss statement, be sure to prepare both statements using the same reporting period.ī. How to Manage Credit Card Sales With a Third-party Credit Card Processor How to Manage Credit Card Sales With QuickBooks Payments How to Reconcile Business Credit Card Accounts How to Manage Downloaded Business Credit Card Transactions How to Enter Business Credit Card Transactions Manually Part 5: Managing Business Credit Card Transactions How to Handle Bounced Checks From Customers How to Transfer Funds Between Bank Accounts How to Manage Downloaded Banking Transactions How to Enter Banking Transactions Manually How to Set Up the Products and Services List How to Set Up Invoices, Sales Receipts & Estimates How to Customize Invoices, Sales Receipts & Estimates
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February 2023
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