A balance sheet traditionally belongs to the annual financial statements. But anyone preparing for a meeting with the bank, answering an investor enquiry or simply keeping an eye on the current financial year does not wait until the closing date. 1Tool offers a balance sheet view that delivers an up-to-date, preliminary status at any point during the year.
Structure of the balance sheet view
The balance sheet view in 1Tool can be opened for a selected financial year and follows the classic split into ASSETS and LIABILITIES. The assets side shows fixed assets, current assets and prepaid expenses; the liabilities side shows equity, provisions, liabilities and deferred income. Every item can be expanded down to account level, so you see not only the totals but, when needed, also the individual accounts behind them.
Balance check: does the balance sheet balance?
By definition, a balance sheet must balance – assets and liabilities have to match. 1Tool shows a balance check indicator that tells you at a glance whether the balance sheet balances or whether there is a difference. If an opening balance is missing, a corresponding warning is displayed as well. This makes inconsistencies visible before they come up in a meeting with outside parties.
A glossary for technical terms
Not everyone who reads a balance sheet is an accountant or tax adviser. To help non-specialists in the company make sense of the figures, a glossary is built into the balance sheet view: key balance sheet terms come with tooltip explanations right in the view, so questions like "What exactly is a prepaid expense?" are answered on the spot, without a detour to an external reference.
Frequently asked questions
Can I view the balance sheet during the year, before the annual financial statements?
Yes. The balance sheet view in 1Tool can be opened for a selected financial year at any time and therefore provides a preliminary, up-to-date status – regardless of the official closing date.
How can I tell whether the balance sheet is correct?
A balance check indicator shows whether assets and liabilities balance or whether there is a difference. If an opening balance is missing, a warning is displayed as well.
Do I have to look up balance sheet terms myself?
No. Key balance sheet terms come with tooltip explanations directly in the view, so you can understand technical terms without switching to an external reference.
How well do you currently know where your balance sheet stands – without waiting for the annual financial statements?
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