#BookkeepingTip: Balance Sheet
I remember back a few years when I was first learning bookkeeping and we got to the financial statements. I kept getting them all confused!
No one pointed out what I'm about to point out to you ;)
So the balance sheet is just a report that shows your balances in accounts.
BALANCE sheet = BALANCES
You can think of it kind of like your dashboard on your online banking where you can see all of your accounts at one time and how much money is in each account. Only with a balance sheet you can change the date to any date you'd like, plus you can also see credit cards, loans, how much money you've put into the business, and how much you've paid yourself.
For our clients, we also break out taxes paid. Most bookkeepers don't do this.