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Account Balances

Overview​

The Account Balances report shows the current balance of every account in your chart of accounts. It is a quick snapshot of where things stand financially without the detail of a full General Ledger or the structure of a Balance Sheet.

Why this matters:

Sometimes you just need to know "What is the balance in this account right now?" The Account Balances report gives you that answer instantly for every account.

What you can do with this report:

  • See all account balances at a glance
  • Identify accounts with unexpected balances
  • Verify month-end balances for reconciliation
  • Export for record-keeping or external analysis

How to Access the Report​

  1. Log in to your autoGMS dashboard.
  2. From the sidebar, click Financial Reporting.
  3. Select this report directly from the section list.
  4. Select Account Balances.

The report shows balances as of today by default.

Reading the Report​

As-of Date​

Select the date for which you want to see balances. The report shows what each account balance was at the end of that date.

Account List​

The report displays all accounts grouped by type:

Account TypeExamples
AssetsCash, Bank Accounts, Accounts Receivable, Inventory
LiabilitiesAccounts Payable, Loans, VAT Payable
EquityOwner's Capital, Retained Earnings
RevenueService Revenue, Parts Revenue
ExpensesPayroll, Rent, Utilities, Parts Cost

Balance Column​

Each account shows its current balance:

  • Debit balances — Typical for assets and expenses
  • Credit balances — Typical for liabilities, equity, and revenue

Balances are shown in your garage's currency.

Total by Type​

At the bottom of each account type section, a subtotal shows the combined balance for that type.

Common Use Cases​

Month-End Verification​

  1. Set the as-of date to the last day of the month.
  2. Review key balances:
    • Cash — Does it match your bank statement?
    • Accounts Receivable — Does it match your Aged Receivables total?
    • Accounts Payable — Does it match your Aged Payables total?
  3. Investigate any discrepancies.

Preparing Financial Statements​

Use Account Balances as a checklist when preparing Balance Sheets or P&L reports:

  1. Export account balances for the reporting period.
  2. Map accounts to their proper statement lines.
  3. Verify totals match.

Identifying Unusual Balances​

Scan for accounts with unexpected balances:

  • Negative asset balances (usually an error)
  • Large unexplained changes from last month
  • Suspense or clearing accounts with non-zero balances

Filtering and Searching​

Filter by Account Type​

Show only specific account types (Assets, Liabilities, etc.).

Filter by Balance​

Show only accounts with:

  • Non-zero balances
  • Debit balances
  • Credit balances

Type to find specific accounts by name or number.

Methodology​

Click the Methodology button in the report header to see how account balances are calculated and what transactions feed into each account.

Export Options​

Click Export to download balances:

FormatBest For
PDFRecords, filing
CSVImporting into spreadsheets or accounting software

Tips and Best Practices​

  • Check monthly. Review account balances at month-end to catch issues early.

  • Compare to prior periods. Large unexplained changes warrant investigation.

  • Reconcile key accounts. Cash, receivables, and payables should match supporting reports.

  • Clear suspense accounts. If you have clearing or suspense accounts, they should have zero balances at month-end.

  • Know normal balance signs. Assets and expenses normally have debit balances; liabilities, equity, and revenue normally have credit balances. Abnormal signs indicate potential errors.

Frequently Asked Questions​

What is a chart of accounts?​

A chart of accounts is the list of all accounts used to record transactions in your business. Each account tracks a specific type of asset, liability, equity, revenue, or expense.

Why would an asset have a negative balance?​

This usually indicates an error — perhaps a payment was recorded without the corresponding invoice, or a deposit was recorded in the wrong account. Investigate any negative asset balances.

What is a suspense account?​

A suspense account is a temporary holding account for transactions that need to be classified later. It should have a zero balance after all transactions are properly categorized.

How do I add new accounts?​

Account setup is handled in your chart of accounts configuration, not in this report. This report only displays existing account balances.

Why do my totals not match my Balance Sheet?​

The Balance Sheet may include adjustments or consolidations not reflected in raw account balances. Compare individual accounts to identify differences.