Entries That Appear on the Balance Sheet
Use the Balance Sheet to show the value of Assets, Liabilities, and Equity (Capital) for your firm. The report separates the Assets section into Current Assets (assets that you can quickly convert to cash) and Fixed Assets (Real Estate, Equipment, furniture, and other property). The report divides Liabilities into short or long term liabilities, and it separates the Equity section into Retained Accounts and non-Retained accounts.
Depending on the Balance Sheet template, the report shows the balance for each account in the left-hand column and the total for each sub-section in the middle column. The report lists the section totals in the far right column, and the report compares the sum of Liabilities and Equity to total Assets at the bottom.
In the Double-entry accounting system, the value of total Assets always equals the sum value of total Liabilities and Equity.