Balance Sheet

The Balance Sheet is the other half of your financial picture that a profit-and-loss statement can't show.

Where the Tax Center tells you income minus expenses, the Balance Sheet tells you what an entity owns and owes at a point in time: Assets (cash in your linked accounts plus fixed assets like vehicles and equipment, shown net of depreciation), Liabilities (what you owe on credit cards and loans), and Equity. Equity is calculated as assets minus liabilities, so the statement always balances; it also shows the year's net income from your categorized activity. Pick an entity (Personal or one of your businesses — there is no All option, since a balance sheet is per entity) and a year at the top; the page opens on whichever business is active in the switcher, or Personal. A multi-member LLC or partnership filing a Form 1065 is required to include this as its Schedule L, so keeping it current matters at tax time.

How to

View an entity's balance sheet

Use the first dropdown at the top to choose Personal or a business, and the second to choose the year.
Assets (Cash & accounts, then Fixed assets net of depreciation), Liabilities, and Equity each show as their own section with a total. Equity is labelled 'Net worth' for Personal or a business-style equity name for a business, and includes a '[year] net income (from categorized activity)' line.
At the bottom of Equity, a green 'In balance — total assets equal liabilities plus equity.' line confirms the sheet balances (a red 'Out of balance' warning appears if it doesn't).
Cash balances come from your linked accounts, shown with the last four digits; an account whose balance is still being fetched from the bank shows 'refreshing' and updates shortly. Any notes from the system appear in a grey box below.

Add a fixed asset

In the 'Fixed-asset register' section, click '+ Add asset'.
In the Add asset window, enter the Name (e.g. 'Christmas-light trailer'), Category (Vehicle, Equipment, Computer / tech, Furniture & fixtures, Machinery, Leasehold improvement, Building, or Other), Cost ($), and the Date placed in service.
Choose a Depreciation method — Section 179 (full write-off this year), Bonus depreciation, MACRS (over useful life), Straight-line, De-minimis (≤ $2,500, expensed), or None / not depreciating.
Optionally enter 'Depreciation taken so far' for prior years, then click Save. The asset appears at its net book value (cost minus depreciation) in the Assets section. A new asset on a business sheet is attached to that business.

Edit or remove a fixed asset

In the Fixed-asset register, each asset shows its category, cost, depreciation method, and net book value.
Click 'Edit' to change it in the same window, then Save.
Click the × button and confirm 'Remove this asset from the register?' to delete it.

Reference

Fixed asset: A big purchase (typically over $2,500) that lasts more than a year — a vehicle, computer, trailer, equipment. It's capitalized and written off over time via depreciation rather than expensed all at once.
Net book value: An asset's cost minus the depreciation taken against it so far — its current carrying value on the balance sheet.
Equity: Total assets minus total liabilities. Shown as 'Members'/Owner's equity' for a business or 'Net worth' for personal. Derived, so the sheet always balances; a full set of books would also track owner contributions, draws, and retained earnings separately.
Schedule L: The balance sheet a partnership / multi-member-LLC (Form 1065) must file — assets, liabilities, and each partner's capital. This page is the working version of it.