Understanding the Business Balance Sheet

Understanding the Business Balance Sheet in QuickBooks Online

When you think about financial statements, do you ever feel overwhelmed?

Let me show you how to generate your Balance Sheet Report and use it through QuickBooks. 😊

A Financial Snap Shot of Your Business.

Resources mentioned in the video:

If you identify errors or discrepancies in your balance sheet, check out my additional training and resources mentioned below:

Remember, understanding your balance sheet is crucial for gaining insights into your business’s financial health and making informed decisions.

Please share in the comments below any ah-ha’s or questions you have 💡

I’d love to connect with you 🤗

Timestamps:

0:00 - Understanding the Business Balance Sheet
0:32 - QuickBooks Desktop Users: Understanding the Balance Sheet
0:49 / 1:12 - Balance Sheet Report in QuickBooks Online
1:04 - Balance Sheet in Business View
1:09 - What do you need to know to understanding the balance sheet
1:33 - you need to know what your end date is in pulling reports
2:08 - You need to ask yourself, what am I looking for?
2:40 - Cash vs. Accrual Reporting
4:08 - Different Accounts in Balance Sheet
6:42 / 8:50 - Explanation for Accounting Equation
7:20 - Opening Equity balance Video Tutorial
8:30 - Retained Earnings vs Net Income
9:10 - Types of Accounts that are not showing in Profit and Loss
9:34 - Editing Accounts Title
10:45 - Finding Reports in Business View
11:48 - Remember 💡
11:58 - Join Candus Kampfer's Weekly QuickBooks Tips and Tricks
12:05 - Customizing QuickBooks Workshop
12:19 - Cleaning up QuickBooks Workshop

#CandusKampfer

[juangalindo]

This is the first time in 15 years of bookkeeping, that I heard the bank balances on the balance sheet vs. the bank statement ending balances differences explained. I am beyond thrilled! Thank you for this! A long time client is sending reports to a new customer and the client asked me why her checking account balance as of 12/31/23 was a negative balance but her bank balance was positive. I checked all of the completed reconciliations, filtered the bank register by unreconciled transactions and nothing appeared. I was stumped in the explanation to her or where further to look in her file as the work is done and the books are clean. I am so relieved to go to her in confidence and explain the logical reason why these balances would be off. Thank you so much!!! 😇

[cathcobb]

Biggest ah-ha was learning more about equity and how to properly record these items in my business. Because I had a personal account tracked within the same qbo acct (business, personal, various credit cards) I had previously verified transactions as transfers to and from business to personal vs owner draws or contributions. Ugh. Plan is to extract that personal account and create a new qbo acct (thinking under my accountant function?) and then be able to track it there. So many questions bubbling up as I navigate that cleanup. Do you have a resource for the occasional 1:1 consultation? I’m finding each time I call QB I’m getting different answers.

[righttolearnrighttolearn]

Didi can you make videos (piecemeal distribution of cash among partners)? Semister 1(fy)?

[ВеронікаПодунай]

Hi ! Please turn on Ukrainian subtitles. Thank you very much !