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Overview
The Balance Sheet is the summary of a company’s financial condition at a specific point in time. 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.
Key Concepts
| • | This is uses a pre-designed standard chart of accounts. InFocus summarizes all income and expense accounts into a single line called Current Year Profit (Loss). |
| • | Access to these reports are granted through Permission, they are granted on the User/Group Permissions Tab. More on Permissions |
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