How do I run a Balance Sheet in Kontuly?
Click Balance Sheet in Kontuly's sidebar, under Reports, and set the As at date. It shows what the business owns, what it owes and what's left for the owners at that date, and opens as at today.
- Open Balance Sheet from the sidebar or All reports.
- Set As at, or click Today or End of last year.
- Choose Compare with: Same date last year to add a column for a year earlier.
- Click an account to see its General Ledger from the start of the financial year.
What's on it?
- Assets: Current assets (cash, money owed to you, anything turned into cash within 12 months) and Non-current assets (equipment, vehicles), then Total assets.
- Liabilities: Current liabilities (bills owed, GST owed, credit cards) and Non-current liabilities (long-term loans), then Total liabilities.
- Net assets: total assets less total liabilities.
- Equity: your equity accounts (owner's capital, drawings), Retained earnings (profits from earlier years) and Current year earnings, then Total equity.
Why do net assets equal total equity?
That's the basic test that the books balance, and it's the check at the bottom. If it ever shows a warning, see What does a warning sign on a report check mean?
Do I post retained earnings at year end?
No. Retained earnings are worked out from the ledger every time; there's no closing entry. See Do I need to do a year-end close?
Related questions
- How do I run a Profit and Loss report in Kontuly?Run Kontuly's Profit and Loss for any period, compare it with the previous period or last year, and click any figure to see the transactions behind it.
- Do I need to do a year-end close in Kontuly?No year-end close is needed in Kontuly. Last year's profit moves into retained earnings automatically. What to do at year end instead.
- What does a warning sign on a Kontuly report check mean?Kontuly reports check their own figures. What each warning on the Balance Sheet, aged reports, GST Report or Bank Reconciliation means and how to fix it.
More about accounts and reports
- How does the chart of accounts work in Kontuly?Kontuly's chart of accounts sorts every dollar into accounts by type and report group. What a new business starts with and how it shapes your reports.
- How do I add, edit or archive an account in Kontuly?Add a new account in Kontuly's Chart of Accounts, change its code, name or GST code, or archive one you don't use. What can't change once it's used.
- How do I post a manual journal in Kontuly?Post a manual journal in Kontuly for adjustments with no invoice or bank line, such as accruals, depreciation or corrections. Debits must equal credits.
- How do I void or reverse a journal in Kontuly?Void a manual journal in Kontuly to post a reversing entry on the same date. Which journals must be corrected elsewhere, and what blocks a void.
- How do I lock a period after lodging a BAS in Kontuly?Set the lock date in Kontuly's Settings so nothing dated on or before it can be posted, changed or voided, protecting a lodged BAS or a finished year.