¶ 1. Overview
The Balance Sheet Report provides a financial snapshot of the firm’s position at a specific point in time. It shows:
- Assets
- Liabilities
- Equity
- Year‑over‑year changes
- This report is used for:
- Month‑end and year‑end financial reporting
- Comparing current balances to prior‑year balances
- Identifying significant account changes
- Supporting audits and financial statement preparation
- Monitoring firm financial health
The report displays each account’s balance as of the selected date and the same date in the prior year.
¶ 2. Report Filters (Window)
¶ 2.1 Report Year
- Defines the fiscal year range used for calculating balances.
- From: 01/01/2026
- To: 12/31/2026
¶ 2.2 Date Range
- Defines the specific period within the fiscal year for which the balance sheet snapshot is generated.
- From Date: 02/01/2026
- To Date: 02/28/2026
- The report compares the balance on February 1, 2026 with the balance on February 1, 2025.
¶ 2.3 Options
- Group Inactive: Yes / No When enabled, inactive GL accounts are grouped together for cleaner reporting.
¶ 2.4 Actions
- View Report
- Export
- Close
¶ 3. Report Output
¶ 3.1 Header Information
Displayed at the top of the report:
- Firm Name: Demo‑LawPractica‑BC
- Print Date: 02/27/2026
- Report Title: Balance Sheet
- Date Range: From 02/01/2026 to 02/28/2026
¶ 3.2 Report Columns
| Column | Description |
|---|---|
| Account No. | General ledger account number |
| Account Name | Name of the GL account |
| February 01, 2026 | Account balance as of the current‑year comparison date |
| February 01, 2025 | Account balance as of the prior‑year comparison date |
| Difference | Change between current‑year and prior‑year balances |
| 02/27/2026 | Balance as of the report print date |
These fields provide a clear year‑over‑year comparison of financial position.
¶ 4. Export Options
Available formats:
- Excel
- CSV
Exports preserve account ordering and balance comparisons.
¶ 5. Best Practices
- Review Difference to identify unusual account fluctuations.
- Compare current‑year vs. prior‑year to evaluate financial trends.
- Use Group Inactive to focus on active accounts only.
- Use the report during month‑end to validate GL balances before closing.
- Export to Excel for deeper financial analysis or audit preparation.
- Pair this report with the Trial Balance and General Ledger Detail for full financial review.
¶ 6. Summary
The Balance Sheet Report provides a complete view of the firm’s financial position by comparing current‑year and prior‑year balances for each general ledger account. It is essential for financial reporting, audit preparation, and monitoring the firm’s overall financial health.