A Balance sheet is a financial statement to summarize assets, liabilities, and shareholder's equity at the specified time. It's a snapshot of one company's health status, by analyzing account balances and compare to other businesses in the same industry, using tools such as debt-to-equity ratio and acid-test ratio, owners and investors are able to get the idea if this company is running on the right way.
After fiscal year closure, the following formula should be matched:
Asset = Liabilities + Equity
The resources your company owns, that have been acquired through transactions and have a future economic value that can be measured as amount in booking currency. In Pymlo, you can check assets listed as: Current asset, Fixed asset, Investment, and Other.
Liabilities are obligations of the company; they are amounts owed to creditors for a past transaction and they usually have the word "payable" in their account title. In Pymlo, you can check liabilities listed as: Short-term, Long-term and Other.
Shareholders' equity represents the net value of a company. According to formula above, Equity = Total Asset - Total Liabilities.