Chapter 10: Reconciling the Balance Sheet
When we talk about reconciling the balance sheet, we mean we must be able to explain every figure that is reported. The balance sheet is a summary of assets and liabilities, but it is important to agree on all of the details that make up the totals held against each balance sheet category before accounts can be finalized at a period end.
During this chapter, you will learn the following:
- Different balance sheet categories used in QuickBooks
- Basic concepts used when agreeing values on the balance sheet
- Basic reports used when checking values held on the balance sheet
- Advanced techniques used when reconciling balance sheet categories
- Advanced reporting options used to report against balance sheet categories
It's important to check whether the values held on the balance sheet are correct – we can never accept values as they appear without reviewing them in detail. The final figures in our balance...
