# Balance sheet

> Assets, liabilities and equity as of any date, always balanced, with retained earnings reconstructed from the ledger.

Canonical: https://docs.getonebooks.com/reports/balance-sheet/
Language: en
Documentation index: https://docs.getonebooks.com/llms.txt

The balance sheet (**Financial Position** in Simple mode) shows what the business owns, owes and is worth on a chosen date.

![The Balance Sheet with assets, liabilities and equity sections and the balanced indicator](https://docs.getonebooks.com/screenshots/en/reports-balance-sheet.webp)

## Sections

- **Assets** — cash and bank, accounts receivable (**1100**), VAT receivable, fixed assets and any asset accounts you added.
- **Liabilities** — accounts payable (**2000**), VAT payable, reverse-charge VAT payable and other liabilities.
- **Equity** — owner's capital, opening balance equity, and **retained earnings**, which OneBooks reconstructs live as all profit to date, so it is right even before you run a year-end close.

The banner confirms **Assets = Liabilities + Equity**. If it ever reports "not balanced", a manual entry is unbalanced or a period needs review — contact support.

## Reading it

- Set **As of** to any date; the report shows the position at the end of that day.
- Receivables and payables here are the control-account totals; the per-customer and per-supplier detail is in the [aging reports](https://docs.getonebooks.com/reports/aging/), and the two always agree.
- Tax accounts show what you currently owe or can reclaim; the [tax report](https://docs.getonebooks.com/reports/tax-reports/) explains the movement.

## Related

  - [Fiscal years, locking and closing](https://docs.getonebooks.com/accounting/fiscal-years/)
  - [Trial balance](https://docs.getonebooks.com/reports/trial-balance/)