<aside> 💡 Welcome to Klavena’s help center! We're here to answer your questions.
Can't find what you're looking for? Send our support team a note at [email protected]!
</aside>
The balance sheet is a summary of the financial balances of an individual or organization, listing assets, liabilities, and ownership equity as of a specific date.
Klavena mainly deals with the Bank Account section of the Assets section. The main assets are the cash in your bank account and the value of your inventory. Klavena also creates a bank account per sales channel marketplace because these marketplaces hold your money until they pay it out to you. Even though this money isn't in your bank account yet, it still is technically yours, so it's wise to keep track of it this way.
Here we have pulled up the Balance Sheet report in QuickBooks.
Here we can see the various assets of the company: bank accounts, account receivable, inventory, undeposited funds, fixed assets, etc.
Klavena mainly deals with the Bank Account section. It creates a "Bank Account" chart of account per marketplace to keep track of the money moving into that sales channel. Then, when you get paid out, typically into your business checking account, you can transfer that money from the sales channel bank account into your checking bank account.