A balance sheet is a financial statement and reports a firm's financial position standing. This report shows the balance between assets and liabilities of a firm. The balance sheet follows the fundamental accounting equation: Assets = Liabilities + Owner's Equity.
To view the Balance Sheet
1. Go to Gateway of Tally >Display > Balance Sheet.
The Balance Sheet appears as shown below:
2. Press F12 to configure the Balance Sheet, as required.
3. Press Ctrl+A to accept.
Note: While providing the opening balance in ledgers, equivalent contrary balance will appear as Difference in opening balances in order to match the assets and liabilities, or debit and credit balances. The entry passed for the difference will affect the closing balance, but the Balance Sheet will display the difference in the amount. To balance the difference in the opening balance, adjust it with the opening balance of another ledger.
For example, if the Difference in opening balances is Rs 5000/- on debit side, you must adjust this with Rs 5000/- credit to the opening balance of another ledger.
To know more, click the links below:
● Configuring the Balance Sheet
● Integrate Accounts with Inventory