Project Name
Balance Sheet provides a financial position of your company as of a specific date. The report calculates how much your business is worth by subtracting all the money your company owes (liabilities) from everything that it owns (assets). The result is what your company is worth: your business's equity. The total for equity includes your company's net income for the fiscal year to date.
In other words, the Balance Sheet lists all assets, liabilities, and capital of your business as of a specific date, such as today date or this fiscal year.
The formula that is always true for the Balance Sheet is
Asset = Liabilities + Equities
You can filter this report by locations as well.
It means that the total asset must be equal total liabilities and equities.
On the Reports menu, point to Company & Financial, then click Balance Sheet