Balance sheet
What the business owns and owes on a date.
- Assets: bank, money owed to you, VAT to claim, equipment.
- Liabilities: money you owe, VAT to pay.
- Equity: owner equity, opening balance equity, Retained earnings (profit from past years) and Current year earnings (profit since the start of this financial year).
Assets always equal liabilities plus equity. If they don't, contact us.
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