Q: Can someone explain why it would be beneficial to view the Balance Sheet by Class?
A: The Balance Sheet is a report that summarizes the financial position of a business. A balance sheet shows the value of your company’s assets, liabilities, and equity as of a particular moment in time. it is called a Balance Sheet because the value of the assets is always exactly equal to the combined value of the liabilities and equity.
The Balance Sheet by Class report displays the financial information above by Class. It is especially important to specify Class on each transaction to produce accurate reports. We suggest to set up Class by property owner and Subclass by property.
Advantage of viewing Balance Sheet by Class for property is to know what you own and what you owe for each property and your business.
- Track how much you paid for the property, capital improvements, escrows, settlement cost, etc.
- Track mortgages – long term loans, hard money, soft money loans by property
- Track all the money for your company assets and liabilities such as furniture, computer, partners loan, etc.
You may view the report on a cash or accrual basis depending on the accuracy of your report. You will need some help in adjusting the balance sheet for accurate financials.
To view your Balance Sheet, click Reports on the Menu Bar. Highlight Company & Financial.
You can view the following Balance Sheet reports:
- Balance Sheet Standard
- Balance Sheet Detail
- Balance Sheet Summary
- Balance Sheet Prev Year Comparison
- Balance Sheet by Class