We want your feedback on the Balance Sheet Report!

Coach Natalie

Hello QBP users! Our product team is looking for some feedback on the Balance Sheet Report.

The purpose of a Balance Sheet:

A balance sheet report is a financial statement that provides a snapshot of a company’s financial position at a specific point in time. It outlines what the company owns (assets), what it owes (liabilities), and the owners’ equity, which is the difference between the assets and liabilities.

The balance sheet is divided into three main sections:

1. Assets: These are resources owned by the company that have economic value. Assets are typically classified into two categories:
   1. Current Assets: These can be converted into cash within a year, such as cash, accounts receivable, and inventory.
   2. Non-Current Assets: These are long-term investments that are not easily converted into cash, like property, plant, equipment, and intangible assets like patents.
2. Liabilities: These represent the company’s obligations or debts that it needs to pay in the future. Liabilities are also categorized into:
   1. Current Liabilities: Debts or obligations that are due within a year, such as accounts payable and short-term loans.
   2. Non-Current Liabilities: Long-term obligations like long-term loans, bonds payable, or deferred tax liabilities.
3. Equity: Also known as shareholders’ equity or owner’s equity, this represents the residual interest in the assets of the company after deducting liabilities. It includes:
   1. Common Stock: The capital raised by the company through the issuance of shares.
   2. Retained Earnings: The cumulative amount of profit that has been retained in the company rather than paid out as dividends.

The Fundamental Equation:
The balance sheet is based on the fundamental accounting equation: Assets = Liabilities + Equity

This equation must always be balanced, hence the name “balance sheet.” It reflects the fact that all of a company’s resources (assets) are financed either by borrowing (liabilities) or by the owners’ investment (equity).

Purpose of the Balance Sheet:

• Financial Position: It shows the company’s financial position at a specific date, helping stakeholders understand its ability to meet obligations and how it manages its resources.
• Decision Making: Investors and creditors use the balance sheet to make informed decisions regarding investing in or lending to the company.
• Regulatory Compliance: Companies are often required to produce balance sheets to comply with legal and regulatory requirements.

In summary, a balance sheet report is essential for assessing a company’s financial health, providing valuable insights into its assets, liabilities, and equity.

Here is what the Balance Sheet Report looks like in QBP:

Let us know how the Quicken Simplifi Business & Personal Balance Sheet Report works for you! Do you have any changes or suggestions that would make the Balance Sheet even better? Tell us by commenting below!

Also, do you all think a Balance Sheet Report would benefit Personal users in any way?

Flopbot

@Coach Natalie ,

These are the two things that come to Minda:

1. While I haven’t gotten there yet, when tax time comes, it will be especially important to have the ability to print or save the report to PDF. I’ll want to share it with the CPA.
2. The ability to change the date.

LGM

Similar to above, the biggest setback on any of Simplifi's reporting is the ability to have a clean printable PDF/Excel export. This balance sheet report and other reports are virtually useless besides knowing your position. It makes it almost impossible to share with CPAs or save and document your own positions.

skgdogs

I don't have access to the Balance Sheet feature yet but its a "must have" for personal users. When meeting with tax professionals, attorney's and estate planners, this is a report they want to see. I have been doing this in Excel but would prefer to see it in Simplifi. Less errors and typos. Also, the ability to print or save to PDF would be helpful.

Coach Natalie

Our product team would like to conduct some interviews for the Balance Sheet Report. Click the link below to schedule a session!

https://calendly.com/erika-vonkelsch/balancesheet-feedback-session?month=2025-01

grant.souter

Yes, I am a personal user and would love to have the ability to generate a balance sheet report as of a certain date. Further, it would be nice to have the ability to generate any report in Simplifi and have it printed to pdf or even export to excel.

burdencompany

Agree 100%. Printable reports would make this much easier to review and send to accountant.