The Balance Sheet report/statement is also known as a Net Worth report. 

The Net Worth reports the assets, liabilities and owner's (stockholders') equity at a specific point in time.

• Assets: are the things that the company owns. e.g. Cash, Accounts Receivable, Land, Buildings, Equipment, Investments, etc.
  
• Liabilities: are amounts owed to creditors. e.g. Accounts Payable, Salaries/Wages payable, Interest Payable, loans, etc.
  
• Owner's Equity: is equal to the reported asset amounts minus their reported liability amounts. ie. Owner's Equity = Assets - Liabilities
  

This report is also referred to as the Statement of Financial Position. It shows what a company owns as well as what it owes to other parties, as at the date the report is run.

Step 1: To Print a Net Worth Report

• Click Reports
  
• Management Financials menu option 
  

Ended

• Enter the ending date for the report, which must be within the current financial year. E.g. June 2010 - the report will print for the period ending 30 June 2010
  

Report Level

• Select either 'Reporting Group', 'Account' or 'Sub-Account' depending on the required level of summarisation
  

Report Format

• Select 'Standard'
  

Report Basis

• Select 'Accounting/Tax'
  
• Click Yes to Confirm message: 'Would you like to re-calculate the profit?'
  
• Click OK to the information message: 'The profit has been re-calculated and allocated'
  
• If the above messages did not appear, tick the Print as Balance Sheet Report (including equity) check box
  

Stock Valuation

• Select Accounting/Tax
  

Report Basis and Stock Valuation can be either:

• Management: this shows market value of assets ie. the current price at which you can sell an asset. A report printed using management values is for internal use only.
  
• Accounting/Tax: this shows the book value of assets ie. the price paid for a particular asset. This price never changes so long as you own the asset. A report printed using accounting/tax must comply with various accounting standards values and is used by accountants when running financial reports.
  

• Other options:
  
  • Exclude Non-Farm Assets/Liabilities
    
  • Include Reporting Group sub-totals
    
  • Include Classification Groups
    

Include Columns options

• Selected period - this year
  
• Selected period - last year
  
• End of last financial year

Note: Print as Balance Sheet Report (including equity) should be ticked