Lesson 3 of 5
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How to Generate the Balance Sheet

In this lesson, you will learn how to generate the Balance Sheet report under Financial Statements in Parsimony.com. The Balance Sheet is a financial statement that reports a company’s assets, liabilities, and equity at a specific point in time. It provides a snapshot of the financial health of a business and helps stakeholders understand the company’s financial position.

To generate the Balance Sheet report in Parsimony.com, you need to follow these steps:

  1. Log in to your Parsimony.com account and go to the Reports section.
  2. Select the Financial Statements category and click on Balance Sheet.
  3. Choose the accounting period for which you want to generate the report.
  4. Select the company or department for which you want to generate the report.
  5. Click on the Generate Report button.

The Balance Sheet report will display the assets, liabilities, and equity of the selected company or department as of the end of the accounting period. The report will show the following sections:

  1. Assets: This section lists the assets of the company, such as cash, accounts receivable, inventory, and property, plant, and equipment.
  2. Liabilities: This section lists the liabilities of the company, such as accounts payable, loans, and other obligations.
  3. Equity: This section lists the equity of the company, which is the residual interest in the assets after deducting liabilities.

The Balance Sheet report helps you understand the financial health of your company and track its performance over time. By comparing the Balance Sheet report for different periods, you can identify trends and make informed decisions about the future of your business.