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In: Accounting

List the steps to follow to access and modify a company's balance sheet and share it...

List the steps to follow to access and modify a company's balance sheet and share it with other QBO company users.

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Expert Solution

ANSWER-

MEANING OF BALANCE SHEET - Balance sheet is a type of financial statement prepared by the organisations for the information of organisation's financial position and performance.

QBO is a type of computer accounting software, which helps organisation to record transactions, make financial statements easily and accurate.

~STEPS FOR ACCESSING BALANCE SHEET IN QBO ARE AS FOLLOWS :-

STEP 1

  • NAVIGATE TO THE REPORT CENTER- First step in QBO software, for accessing balance sheet is to go from the home page and click on Reports which is located on the left menu bar.

STEP 2

  • REPORT CENTER - After going in Report tab, various options will be displayed about what reports you want to prepare like profit and loss, balance sheet etc. Balance sheet is located next to the Profit and loss report under Recommended Report menu.So, for access balance sheet, we have to select balance sheet report under this recommended report menu.

STEP 3

  • REPORT BASIS - After selecting Report type, we have to choose the basis on which the Reports will be prepare. The QBO provides you two basis i.e Cash basis and Accural basis. We have to choose, on what basis we want to show our financial statements.

​STEP 4

  • REPORT FILTER - In this step, after choosing the options for accessing balance sheet, there is more filters to do for customise the balance sheet.

Various filters are available like -

1) E-MAIL- In this, QBO provides this filter to mail this reports to anyone he/she wants to share with.

2) PRINT - In this filter, QBO provides the option to print this reports for any other use.

3) EXPORTS - In this filter, QBO provides the option to export this reports to any other software like MS OFFICE, MS EXCEL ETC.

AND MANY MORE FILTERS.

STEP 5

  • REPORT DISPLAY- After, applying filters according to our needs, we can click to finish button, then the QBO will display the report.

BY FOLLOWING THESE STEPS, WE CAN ACCESS BALANCE SHEET IN QBO.

~ STEPS FOR MODIFYING BALANCE SHEET IN QBO ACCOUNTING SOFTWARE ARE :-

  • For modifying something in reports, we have to select first, REPORT from left menu.
  • then, in search bar, search Balance sheet and choose it.
  • then click on CUSTOMISE, by this option you can customise or modify what you want to.
  • after modifying, click on the SAVE button to save the changes you have done for the future use.

~ by following these steps, we can modify balance sheet in QBO.

~ OPTIONS FOR SHARING THE REPORTS WITH ANY OTHER QBO COMPANY UERS ARE -

1) first, option for sharing reports with any other users are E-MAIL, which is offered in Customise tab.

2) Second, is through print it and share it with others users.

AND THERE ARE MUCH MORE OPTIONS FOR SHARING THE REPORTS, THESE WAS SOME OPTIONS WHICH ARE FOLLOWED ABOVE.

ekkarill92 answered 1 year ago
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