Balance sheet

1. Balance sheet

   What you own and owe at a moment in time — assets, liabilities and equity. It always balances.

2. Balanced?

   A badge confirming assets equal liabilities plus equity — if it ever doesn’t, something needs fixing.

3. Apply

   Set the as-of date and apply — the statement recalculates to that moment.

4. The columns

   Assets on one side, liabilities and equity on the other — the two always add up to the same total.

5. Each line

   Assets, liabilities and equity grouped into their sections, each with its balance.

6. Pick the date

   Choose the date to see your financial position at that exact point.