The Balance Sheet is a critically important report for a company. It is a record of company’s assets, liabilities and capital & reserves. It can identify financial strength and capabilities of a business. In Tally, the Balance Sheet is made of Fixed Assets, Current Assets, Current Liabilities and Capital & Reserves.
Running the Report
You can run the Balance Sheet in Tally at any time by going to Tools and Reports > General Reports > Balance Sheet > Enter a date > Next.
Understanding the Balance Sheet
The balance sheet is made up of your Fixed Assets, Current Assets, Current Liabilities and Capital & Reserves. The Fixed Assets + Current Assets less Current Liabilities must equal your Total Capital & Reserves.
Modifying what is displayed on the Balance Sheet
All items listed here are nominal code accounts that are in your Chart of Accounts which is available by going to Tools & Reports > Chart of Accounts. Nominal Codes are always either Balance Sheet items or Profit and Loss items. You can choose where to show the nominal code on the balance sheet by clicking the Edit Balance Sheet Settings Here link at the bottom right of the balance sheet page. If you subsequently want to change any of these codes to a Profit & Loss code click the P&L Options link at the top of the page. To download the balance sheet in spreadsheet format, click the Download CSV button.