Profit & Loss shows a period; the Balance Sheet shows a moment. It is the report that says what the business is actually worth today — what it owns, what it owes, and what's left over for you — which is why it's the first thing a lender, an investor or a serious buyer asks for. It's also the fastest way to see whether growth is real: rising sales alongside rising debt is a different business from rising sales alongside rising equity.
The Trial Balance is its quieter companion. It isn't a story for anyone outside the business; it's the proof that every entry in your books adds up, and the report your accountant will reach for when something doesn't.
What to know before you rely on it
- This is the report most easily thrown out by untidy books. Uncategorised transactions and missing opening balances distort a Balance Sheet more than any other report — an uncategorised transaction has nowhere legitimate to sit. stub flags both at the top of the report; clear them before you send the figures to anyone.
- It's a snapshot of a single date, not a period. Change the date and you change the report. When you send it alongside a Profit & Loss, run both to the same date so the two agree.
- Assets always equal liabilities plus equity. stub keeps that true for you — you never balance anything by hand. If the Trial Balance columns disagree, that's a data problem worth raising, not something to correct with a manual entry.
- Equity includes profit you left in the business, not just money you put in. That's retained earnings, and it's why equity can grow in a year you took nothing out — see Retained earnings.
Run a Balance Sheet
Head to Insights, click the report name at the top of the page and pick Balance Sheet from the picker — or choose it from Reports in the sidebar. Then set the date you want the snapshot for.
Read your Balance Sheet
- Assets — what the business owns: money in the bank, invoices customers still owe you, stock on the shelf, and gear like vehicles and laptops less the wear and tear written off so far.
- Liabilities — what the business owes: unpaid supplier bills, tax owed, and loans.
- Equity — assets less liabilities. What is actually yours, including money you have put in and profits you have left in the business.
Run a Trial Balance
Open the same report picker and choose Trial Balance, then set your period.
It lists every account with its debit and credit totals. The two columns should match — that's the whole point of the report: it proves the books balance.
Download either report
Click ··· → Download, pick PDF or CSV, set the dates and download — the details are in Export & share a report.
For a full pack for a bank or an accountant, click ··· → Financial statements, or go to Reports in the sidebar and download Financial Statements from there.
Tip: Applying for finance? Lenders will want a recent Balance Sheet alongside your Profit & Loss. Run both for the same date and send them together.