Five Types of Balance Sheet Reports in QuickBooks
Balance sheet reports have always been prepared in varying formats, depending primarily on how and by whom the reports are to be used. With the advent and progress of computerized accounting systems, the formats have multiplied and have been utilized with greater efficiency. Computerized accounting systems, such as QuickBooks, present balance sheet and other accounting reports in a plethora of formats. The Standard, Detail, Summary, Previous Year Comparison and Class balance sheets are five types of balance sheet reports in QuickBooks. Each is briefly explained in the paragraphs below.
Balance Sheet Standard Report
Like all balance sheets, QuickBooks’ Balance Sheet Standard Report documents the applicable organization’s financial status as of a particular date. This standard balance sheet is an elementary report that shows individual closing balances for the organization’s assets, liabilities and owner equity on the particular date. With computerized accounting systems, modern organizations are capable of generating many balance sheets at varying times during any day. The standard report is useful to accounting personnel who particularly want to review the accounting results for reasonableness.
Balance Sheet Detail Report
As its name suggests, QuickBooks’ Balance Sheet Detail Report presents detailed balance sheet information. Therefore, it is a more comprehensive form of the standard balance sheet. For each applicable accounting period, the detailed balance sheet shows beginning balances, the period’s activity and closing balances for balance sheet items.
Balance Sheet Summary Report
Being a summarized version of QuickBooks’ standard balance sheet, the QuickBooks’ Balance Sheet Summary Report has condensed balance sheet information. This report presents the closing balance for each type of balance sheet item. It does not present individual balances for subsidiary items that constitute the summarized balance sheet items. Bank accounts, accounts receivable, accounts payable, fixed assets, other assets, other current assets, other current liabilities, long-term liabilities, credit cards and owner equity are some of the items likely to have summarized balances in QuickBooks’ Balance Sheet Summary Report.
Balance Sheet Previous Year Comparison Report
QuickBooks’ Balance Sheet Previous Year Comparison Report is an analytical document that facilitates automatic comparisons between an organization’s financial condition a year earlier and a year later. This document is preset, with columns in which the annual changes appear as currency and as percentages. With this report, business leaders can engage in meaningful analysis of their organizations’ performance during particular annual periods.
Balance Sheet by Class Report
QuickBooks’ Balance Sheet by Class Report is a specialized document that shows balance sheet items attributable to organizational divisions. In this report, organizational divisions are identified as classes and values of their balance sheet items are recorded in appropriate columns. The accuracy of this report is inextricably linked with the recording of a class for each of the organization’s transactions. QuickBooks’ Balance Sheet by Class Report responds to the need for some organizations to engage in divisional accounting. Whereas some organizations will find this report useful, other organizations may not – particularly if the latter organizations lack a divisional structure.