What is a Balance Sheet? How to Use It Inside QuickBooks?

When you think about financial statements, do you ever feel overwhelmed? Let me show you how to generate your Balance Sheet report in QuickBooks. 😊 Remember, understanding your Balance Sheet is crucial for gaining insights into your business’s financial health and making informed decisions. A financial snapshot of your business. If you're looking for the Online version of this video, click here:    • Understanding the Business Balance Sheet   Steps to Using the Balance Sheet Report: Go up to “Reports” “Company & Financial” “Balance Sheet Standard” **Balance Sheet Report – a ‘Snapshot In Time’ of whatever date you’ve picked Areas in Balance Sheet: Assets Current Assets Fixed Assets Liabilities: Current Liabilities Accounts Payable Credit Cards Other Current Liabilities Long Term Liabilities Equity: Opening Balance Equity Retained Earnings Net Income Assets = Liabilities + Owner’s Equity Owner’s Equity = Assets – Liabilities Need to learn more areas of QuickBooks? Join us on our next workshop to learn how to design QuickBooks for your specific business... ➡️ https://CandusKampfer.com/workshop Receive our QB tips straight to your inbox each week visit: ➡️ https://CandusKampfer.com/tips Subscribe for more QuickBooks tips ➡️ https://www.youtube.com/c/CandusKampf... Timestamps: 0:00 - Intro 0:37 - Pulling up the Balance Sheet 1:01 - What is the Balance Sheet? 1:37 - Areas of Balance Sheet Explained 3:51 - Assets... 4:05 - Owners Equity... 5:08 - Chart of Accounts 6:09 - Profit and Loss vs Balance Sheet 6:50 - Final Thoughts I’d love to connect with you 👇 Instagram:   / candus.kampfer   Facebook:   / canduskampfer   CandusKampfer.com: https://canduskampfer.com/ #CandusKampfer