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How To Prepare A Balance Sheet By Month Summary In QuickBooks

Your business’s Balance Sheet tells you and others the financial position of your business. It is one of the most commonly prepared financial statements for a small business.

A balance sheet is a formal document that follows a standard accounting format showing the same categories of assets and liabilities regardless of the size, type or nature of the business.

For example the Balance Sheet you prepare will be in the same format as any other big/small company’s.

Regardless of the fact that a Balance Sheet has a standard format to follow, there is still a lot of customization that can be done using Accounting Software like QuickBooks.

In this particular article we will learn how to prepare a Balance Sheet for the whole year but month on month basis.

Below are the steps to prepare a Balance Sheet report by Month summary and to memorize the report for future requirements.

  • Start QuickBooks program and open the company file you want to prepare Balance Sheet from.Once QuickBooks company file is open, click on Reports in the menu bar, choose Company & Financial > Balance Sheet Standard

Balance Sheet Standard

  • After the report displays, click on Customize Report button at the top left hand corner of the report, to get to the “Modify Report” window.From this window you can do a lot of customization as per your requirement. Below is the screen shot showing how to do this from your QuickBooks interface

QuickBooks interface

  • On the Display tab, change the date range to 12 months (for example, select Last Fiscal Year in the Dates drop-down)
  • Change the Columns drop-down from Total only to Month

Change the Columns drop-down -QuickBooks

  • Click on OK button to save the changes and to return to your Balance Sheet report
  • Choose Collapse on the reports button bar to fit it into the screen(available at the top on the report)
  • To print the report, choose Print on the reports button bar

choose Print on the reports button bar - QuickBooks

  • Change the Orientation from Portrait to Landscape
  • Check the box Fit report to 1 page(s) wide
  • Choose Preview to see how it will look like once the report is printed
  • Choose Print to print the Balance Sheet by month summary
  • Choose Memorize and name the report ‘Balance Sheet by Month.’

So this was how you can prepare a balance sheet by monthly summary. For more tips and to learn more about QuickBooks and other accounting software, please subscribe to our blog.

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