We were audited and have a Profit & Loss that we do on excel. They like it, but want us to go on to quickbooks to get a balance sheet. I”ve been adding expenses as well as income. I was also able to put how much was in the bank, but for some reason, the income isn’t adding up in this. When I pull up the balance sheet income shows as $0. Do you have a training video that would help in this. Because it’s due to an Audit I only have so many days to get this done and it is for the whole year of 2016. When I went to your expenses video what it showed me doesn’t come up on my computer.
Hi Denise, thanks for your question. The balance sheet does not show income, only assets, liabilities and owner’s equity as of a point in time. The profit and loss statement in QuickBooks will show income and expenses. I have a video tutorial and lesson explaining how the balance sheet works. I have included the link to the tutorial below: https://fitsmallbusiness.com/balance-sheet-example-quickbooks-online/
Best of luck,
Crystalynn Shelton, CPA
A balance sheet is a statement of the financial position of a business which states the assets, liabilities and owner’s equity at a particular point in time. In other words, the balance sheet illustrates your business’s net worth.The balance sheet may also have details from previous years so you can do a back-to-back comparison of two consecutive years. This data will help you track your performance, and will identify ways in which you can build up your finances and see where you need to improve.