When reporting the balance sheet it is mandatory to match assets with liabilities. Liabilities will be auto-balanced in the proprietor's capital tab in the liabilities section once you add assets.
Example: If you have entered assets worth 98,000, your liabilities will be auto balanced in the proprietor's capital tab amounting to 98,000. If you have obtained a 5,000 loan for trading purposes and want to add it in the liabilities section, you can perform the action and click on save, then the capital will be auto-balanced to 93,000 making liabilities worth 98,000.
Steps to add/edit assets and liabilities on Quicko:
- Navigate to Incomes > Business & Profession Tab
- Click on Assets/ Liabilities
- Click on Asset / Liability you want to add and save
- You will see the final Balance Sheet under Incomes > Business & Profession > Financials