Balance Sheets

Description - The Balance Sheet is the summary of a company’s financial condition at a specific point in time. This is a pre-designed standard chart of accounts. InFocus summarizes all income and expense accounts into a single line called Current Year Profit (Loss). This report is not designed via the Financial Statement. A balance sheet, or statement of financial position, is a summary of a person’s or organization’s balances. Assets, liabilities, and ownership equity appear as of a specific date, such as the end of its financial year.

A balance sheet is often described as a snapshot of a company’s financial condition. Of the four basic financial statements, the balance sheet is the only statement that applies to a single point in time.

Balance Sheets Report Criteria