The Balance Sheet summarizes your church's financial resources and obligations from the beginning of the finance year you select through the end of the month you select. The balance sheet is divided up into four different sections: Assets, Liabilities, Dedicated and Equity.
In the one year format of the balance sheet, you'll see the balances for each of your accounts at the start of your fiscal year, the balance of these accounts at the end of the selected month, and the amount of change between those figures. At the end of each section, you'll see a total of all the accounts in the section for the time period in that column.
After the Equity section, you'll see a line labeled "Book Equity". This represents your Total Assets less your Liabilities, dedicated accounts and any user-created equity accounts. The line under that "Total liabilities and equity" is your Book Equity, plus any Liabilities, Dedicated accounts and any user created Equity accounts.
If you are using multiple books on your Balance Sheet, the final page of the report will be a summary that shows the total Assets, Liabilities, Dedicated accounts, Equity and Book Equity.
- To access the Balance Sheet, in the Finance module, click on "Other Reports" and then click "Balance Sheet".
- Select the Finance year and month you want to run the balance sheet through in the "Finance year" and "As of" fields respectively.
- Select which books you'd like to include by checking or unchecking the books you want in the "Books" field.
- The "Format" field offers three different options on how to display your Balance Sheet. They are:
- One Year - This format shows just the selected finance year for your report.
- Two-year comparison - This format will show each account with the beginning balance and the balance through the end of the selected month for both the selected year and the year before the selected year.
- Five-year comparison - This format will show each account, the and the balance of each account at the end of the selected month, over the current year, and the four years before the selected year.
- "Level of detail" lets you determine how you'd like to see your accounts organized within your report. This view will let you see totals by your major and minor account groupings, as well as organizing things solely by account, instead of breaking it out by these groupings.
- The balance sheet report offers multiple options, outlined below:
- Consolidate books by Major and Minor - If you're running a balance sheet for multiple books at once, this will group accounts by major and minor groups, even across books. This means that you'll see accounts from one book, side-by-side with accounts from another book, if they share the same major or minor groups.
- Include inactive accounts - When checked, this option will include accounts on your report that have been marked as inactive.
- Exclude accounts with a zero balance - When checked, this will make sure any account that is not currently carrying a balance is excluded from your report.
- Hide account numbers - When this option is checked, the account numbers on the report will not be displayed, accounts will only be referred to by name.
- Sort accounts by name - When checked, this will sort accounts by name only within their account type, instead of account number.
- Click "Print" to generate your report.