Balance Sheet Reporting
Purpose
A balance sheet is a financial report that summarizes a business's financial state at a specific point
in time. It shows the value of a business's assets, liabilities, and owner's equity.
These reports should not be prepared until absolutely everything has been processed for the
financial year. This means that all your bank accounts, loan accounts, credit card accounts,
supplier accounts have been reconciled and BAS/GST returns processed. It is during these
processes that you will pick up on any mistakes made and make corrections.
How to prepare a Balance Sheet
The Balance Sheet is located under the Financial Tab in COSTAR, in the G/L Reports section.
Report Properties
- Description – Give the report a meaningful description.
- Schedulable - The report can be scheduled to run automatically at the end of each month. For
assistance setting this up, please contact the Microhouse Support Team.
- Period – This is the date range for the report. The From date and To date include the full month of
each.
- Format – Summary provides a report with values listed by the headings only, whereas the Detail
by GL provides the breakdown of the individual G/Ls that roll up into the headings.
- Suppress Zero’s – This suppresses any resultant lines with no value making the report more concise.
- Suppress Last Year – This suppresses the results from the previous 12-month period.
- Please Note: This report has no Selections or Sort Options.
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