Balance sheet report in AccBooks AI

What the balance sheet shows

The balance sheet is a snapshot of your company’s financial position on a specific date. It shows:

Assets = Liabilities + Equity

Or rearranged for the UK format:

Fixed assets
+ Net current assets (Current assets − Current liabilities)
+ Long-term liabilities
= Net assets
= Equity (share capital + retained earnings)

If the balance sheet doesn’t balance, something has been posted incorrectly.

Generating the balance sheet

1. Go to Reports → Balance Sheet.
2. Select the date (balance sheets are always as at a specific date).
3. Choose the format: summary or detailed.
4. Click Generate report.

Understanding the sections

Fixed assets (Non-current assets)

Long-term assets held for more than 12 months:

• Tangible fixed assets (property, plant, equipment — at net book value after depreciation)
• Intangible assets (goodwill, software, IP)
• Investments

Current assets

Assets expected to be converted to cash within 12 months:

• Cash and bank — actual bank balances from connected feeds
• Debtors — outstanding customer invoices
• Stock — inventory value
• Prepayments — expenses paid in advance that relate to future periods

Current liabilities

Obligations due within 12 months:

• Creditors — outstanding supplier invoices
• VAT liability — net VAT owed to HMRC
• PAYE and NI liability — amount due to HMRC for payroll
• Accruals — expenses incurred but not yet invoiced
• Corporation tax — estimated tax due
• Bank overdraft — if applicable

Long-term liabilities

Obligations due after 12 months:

• Long-term loans
• Director’s loans (if due after 12 months)
• Deferred tax

Equity

Owner’s claim on the assets:

• Share capital — the amount invested by shareholders
• Retained earnings — accumulated profits not yet distributed as dividends
• Current year profit — this year’s net profit from the P&L

The balance sheet balances when Equity = Total Assets − Total Liabilities.

Drilling down

Click any balance sheet figure to see the transactions that make up that balance. For example, clicking Debtors shows all outstanding customer invoices — identical to the debtors report.

Comparing periods

Use Compare to to compare the balance sheet at today’s date with:

• The same date last year
• A prior period end
• Budget

This shows how your financial position has changed over time.

Common balance sheet issues

Balance sheet doesn’t balance: Usually caused by a posted journal with unequal debits and credits. Go to Reports → Trial balance and check for discrepancies.

Retained earnings look wrong: Check that prior year accounts were properly closed — go to Year-end → Close period to run the year-end process.

Bank balance doesn’t match actual bank: There are unreconciled transactions. Run Bank feeds → Reconciliation to check.

Statutory format

For Companies House filing, go to Reports → Statutory accounts → Balance sheet for the FRS 102 (or FRS 105) formatted version with XBRL tagging.