The Balance Sheet report shows assets, liabilities, and equity as of a selected date.
What this report is for
Use Balance Sheet to review balance sheet accounts at a point in time. The report is read-only. It does not post entries, close periods, change accounts, or update balances.
Use General Ledger Overview when you need the transaction detail behind an account balance.
Screen path
Dashboard > Finance > Reports > Balance Sheet
Report controls
| Control | Use |
|---|---|
As of |
Select the balance sheet date. Defaults to the current date. |
Generate |
Runs the report for the selected date. |
Copy for Excel |
Copies report data for spreadsheet use after the report is generated. |
Print |
Prints the generated report. |
The As of date is required.
Report sections
The generated report shows:
| Section | What it includes |
|---|---|
Assets |
Asset accounts and total assets. |
Liabilities |
Liability accounts and total liabilities. |
Equity |
Equity accounts, current year net income when applicable, and total equity. |
Total Liabilities & Equity |
Liabilities plus equity. |
Each account row shows account number, description, and balance. Contra accounts display the absolute amount in parentheses.
Current Year Net Income appears as a calculated equity line when current-year revenue and expense activity exists through the report date.
Balance warning
If total assets do not equal total liabilities and equity within the report tolerance, PAX shows a warning that the balance sheet does not balance.
Do not use a manual journal entry just to force the warning away. Review the underlying period balances, current-year income, and journal entry activity first.
What happens behind the scenes
Opening the Balance Sheet report does not change records.
When Generate is selected, PAX:
- Finds the fiscal period that contains the selected date.
- Reads fiscal opening balances for Asset, Liability, and Equity accounts.
- Adds journal entry activity from the fiscal period start through the selected date.
- Uses the natural-positive convention for liabilities and equity.
- Calculates current-year net income from Revenue and Expense activity through the selected date.
- Adds current-year net income as an equity line when it is not zero.
If no fiscal period contains the selected date, the report is blocked.
Troubleshooting
No fiscal period found
Likely cause: The selected date does not belong to a configured fiscal period.
Safe fix: Confirm the date. If the date is correct, ask finance or an admin to review fiscal period setup.
Contact support if: The date should belong to a fiscal period but the report still fails.
The balance sheet does not balance
Likely cause: Fiscal balances, journal entry activity, current-year net income, or account setup may not be aligned.
Safe fix: Review Trial Balance Overview, General Ledger Overview, and close-period status before posting any correction.
Contact support if: The imbalance remains after reviewing period balances and ledger activity.
An expected account is missing
Likely cause: The report includes Asset, Liability, and Equity accounts with balances or relevant activity. Account setup may also affect whether the account is available elsewhere.
Safe fix: Review the account in Chart of Accounts Overview.
Contact support if: The account has activity or balance but does not appear.