Run the Balance Sheet
See what you own, what you owe and what is left over on any date.
The Balance Sheet is a snapshot of your assets, liabilities and equity on one date. Open Accounts > Reports > Balance Sheet or go to Balance Sheet. It needs access to Reports.
Steps
- Set As of. It starts on today.
- Click Run Report.
What you see
- Three cards: Total Assets, Total Liabilities + Equity, and Balanced (Yes or No).
- An Assets table, a Liabilities table and an Equity table. Each lists accounts with a balance on that date, with a total at the bottom.
Assets are shown as debits less credits, and liabilities and equity as credits less debits. Accounts with a zero balance are left out. Everything posted up to and including the date counts, from the start of your books.
Current Earnings (unclosed)
Legasum has no year-end closing step, so profit you have earned is not moved into Retained Earnings. To keep the sheet in balance, the report adds one extra line to Equity called Current Earnings (unclosed). It is all income less all expenses up to the date, over the life of your books. It is a calculated line, not an account you can open.
If "Balanced" says No
Total Assets should equal Total Liabilities + Equity because every entry balances. If it says No, check for entries posted around the report date in the Day Book and Trial Balance, and contact support if the trial balance itself is out.
Good to know
- Branch-restricted roles cannot run the Balance Sheet. It shows "Not available for a branch-restricted role" with the reason, because equity and opening balances are not tied to a branch. Ask an unrestricted administrator.
- Opening balances you entered for customers, suppliers, cash and bank accounts and stock are held against Opening Balance Equity in the Equity section.
- The Balance Sheet reflects the dates on entries. A bill dated in the future is not included until that date.