A financial statement that summarizes the assets, liabilities, and equity at a specific point in time.
It is one of the three core financial statements (Income statement and Payments Received the other two) used for evaluating the finical health of a chapter.
Reporting Tab >Scroll all the way down to the Accounting Section >
Balance Sheet Cash > Run.
A balance sheet shows what a company owns in the form of assets and what it owes in the form of liabilities. The cash flow statement shows a chapter's cash inflows and outflows during a school year.
Cash accounting records income and expenses as they are billed and paid.
Note: (Accrual – VS Cash) The main difference between cash and accrual accounting is the timing of when revenue and expenses are recognized in the books.
- Cash accounting records revenue when money is received (Actually Collected) and expenses (Actually Spent) when money is paid out.
- Accrual accounting records revenue when it is earned and expenses when they are incurred (Billed but not necessarily collected yet). If your chapter collected 100% of all charges assessed, that would mirror your accrual reports.