Balance Sheet Report

Use the Balance Sheet report to review what your organisation owns, owes, and retains at a selected date. It is useful for month-end review, management reporting, year-end preparation, and investigating changes in account balances.

This guide explains how to set the report period, compare balances, open supporting transactions, complete key review checks, and resolve common problems.

Before you start

Make sure that:

you have access to the Balance Sheet report and the company that you need to review;
the transactions for the reporting period are submitted, because draft transactions do not affect the report;
bank transactions, customer and supplier payments, stock movements, depreciation, tax entries, and other month-end adjustments are recorded up to the reporting date;
you know whether your organisation uses a Finance Book, Cost Center, or Project for separate reporting; and
you use the same company, date, currency, and other scope filters when you compare this report with another report.

If you prepare reports for formal filing, lending, or audit, ask your accountant to review the final balances.

1. Open the report

Open Accounting.
In Financial Statements, select Balance Sheet.
Select the required Company.

The report uses your last filter selections when it opens. Always check the filters before you use or export the figures.

2. Select the reporting period

Use Filter Based On to choose one of these options:

Fiscal Year: select a Start Year and an End Year. Use this option for standard financial-year reporting.
Date Range: select a Start Date and an End Date. Use this option for a specific month-end date or a custom period.

Then select Periodicity:

Option	Use it for
Monthly	Month-end comparisons and trend review
Quarterly	Quarterly management reporting
Half-Yearly	Six-month comparisons
Yearly	Annual reporting or comparison across years

For one month-end position, set the end of the selected period to the required reporting date. For a trend, select a wider period and use Monthly or Quarterly.

3. Set the remaining filters

Use only the filters that apply to your review. An extra scope filter can cause the report to differ from another financial report.

Filter	What it controls
Company	The organisation and chart of accounts in the report
Finance Book	Entries assigned to one finance book
Currency	The currency used to display the report
Cost Center	Balances assigned to one or more selected cost centres
Project	Balances assigned to one or more selected projects
Select View	Report View shows values. Growth View shows the percentage change between periods.
Accumulated Values	When selected, each column shows the closing balance at that period end. When cleared, each column shows the movement for that period.
Include Default FB Entries	When a Finance Book is selected, include entries that use the default finance book.
Show zero values	Include account rows that have a zero balance.

The label Cost Center uses the spelling that appears in NexWave.

For a normal Balance Sheet review, use Report View and keep Accumulated Values selected. This shows the financial position at each period end.

Balance Sheet report filters and summary totals

4. Read the report

The report groups balances into these sections:

Assets: resources controlled by the organisation, such as bank accounts, receivables, stock, and fixed assets.
Liabilities: amounts owed, such as payables, tax, loans, and accrued expenses.
Equity: capital and retained results.
Provisional Profit / Loss (Credit): the current result that has not yet been transferred by a period close.

The summary cards show Total Asset, Total Liability, Total Equity, and Provisional Profit / Loss (Credit). Use them for a high-level check, then review the account groups below.

Use the expand and collapse controls to move from the main account groups to the detailed accounts. A negative value is not automatically an error. Check the account purpose and supporting transactions before you make a correction.

5. Compare periods

Select a period that contains the dates you want to compare.
Select Monthly, Quarterly, Half-Yearly, or Yearly.
Keep Accumulated Values selected to compare closing balances.
Review material changes between columns.
If you need a percentage comparison, change Select View to Growth View.

The following example uses Monthly periodicity and collapsed account groups. This makes high-level movements easier to review before you open the detailed accounts.

Monthly Balance Sheet comparison with collapsed account groups

When Accumulated Values is cleared, the columns show activity during each period. This can help you find when a change occurred, but it is not the normal closing Balance Sheet view.

6. Open the supporting detail

Select an account row to open its supporting report:

most accounts open the General Ledger with matching filters;
receivable accounts open Accounts Receivable; and
payable accounts open Accounts Payable.

In the supporting report:

confirm that the company and date match the Balance Sheet;
check whether a Finance Book, Cost Center, or Project filter is applied;
review the posting date, voucher type, voucher number, debit, credit, and balance; and
open the source transaction when you need more detail.

Return to the Balance Sheet after you complete the review. Keep the same filters so the figures remain comparable.

7. Complete the month-end review

Use this checklist before you approve or export the report:

Bank and cash: compare each bank account with the bank reconciliation for the same date. Account for uncleared receipts and payments.
Accounts receivable: compare the receivable control balance with Accounts Receivable for the same company, date, finance book, and currency.
Accounts payable: compare the payable control balance with Accounts Payable using the same scope.
Stock: compare stock accounts with Stock Balance at the same date. Investigate backdated stock movements and stock or ledger differences.
Fixed assets: confirm additions, disposals, and depreciation for the period.
Tax: compare GST or other tax balances with the applicable tax report and filed return.
Loans and intercompany accounts: confirm balances against statements or the related company.
Suspense and temporary accounts: investigate balances that should be cleared before close.
Equity and current result: review retained balances and Provisional Profit / Loss (Credit). Confirm whether a period close is required.
Previous year warning: if the report shows Previous Financial Year is not closed, complete the prior-year review before the final year-end close.

The Balance Sheet, Trial Balance, subsidiary reports, and reconciliations must use the same reporting date and scope. A difference often comes from mismatched filters or entries posted after one report was prepared.

8. Export the reviewed report

After you finish the checks:

confirm the report filters one final time;
expand or collapse the account groups to the required level;
use the available export option under Actions; and
record the reporting date and filters with the exported file.

Do not use an export that was prepared before the final month-end entries were submitted. Run and export the report again after any correction.

Correct a balance

Do not post a manual entry directly to a control account only to force the report to match another report.

Open the account's supporting report.
Find the source transaction or missing transaction.
Confirm the correct posting date, company, account, party, currency, and dimensions.
Correct the source through its approved cancellation, amendment, payment, reconciliation, stock, asset, or journal process.
Submit the correction.
Run the Balance Sheet and the related report again with identical filters.

Ask your finance lead or accountant to approve adjustments that affect a closed or filed period.

Troubleshooting

Issue	Likely cause	What to do
A submitted transaction is missing	The report date or scope does not include it, or the transaction uses another company, finance book, cost centre, project, or posting date	Open the source transaction and compare its values with every report filter
A draft transaction is missing	Draft transactions do not post to the ledger	Complete the review and submit the transaction, then run the report again
The Balance Sheet differs from the Trial Balance	The reports use different dates, companies, currencies, finance books, cost centres, projects, or zero-value settings	Clear optional filters, set the same scope on both reports, and run them again
Receivables or payables do not match	The subsidiary report uses a different date or scope, or an entry is not allocated or posted correctly	Match all filters, then open the account and review the supporting customer or supplier transactions
The bank balance does not match the bank statement	The ledger can include uncleared transactions, and the bank reconciliation date can differ from the Balance Sheet date	Use the bank reconciliation for the same date and account for uncleared items
Stock differs from the stock account	A stock entry is backdated, a stock transaction is incomplete, or the reports use different dates	Compare Stock Balance and the stock account at the same date, then review the relevant stock transactions
A negative balance looks unexpected	The account can have a valid credit or debit balance, or a transaction can use the wrong account	Open the supporting transactions and confirm the account purpose before you correct anything
The report shows a prior-year close warning	A previous financial year has not been closed	Complete the prior-year review and follow your approved period-close process
Columns show movement instead of closing balances	Accumulated Values is cleared	Select Accumulated Values for period-end Balance Sheet figures
The report is too wide or detailed	Too many periods or account groups are open	Select a shorter period, change Periodicity, or collapse account groups