diff --git a/conservancy_beancount/reports/balance_sheet.py b/conservancy_beancount/reports/balance_sheet.py
new file mode 100644
index 0000000..2a21406
--- /dev/null
+++ b/conservancy_beancount/reports/balance_sheet.py
@@ -0,0 +1,425 @@
+"""balance_sheet.py - Balance sheet report"""
+# Copyright © 2020  Brett Smith
+#
+# This program is free software: you can redistribute it and/or modify
+# it under the terms of the GNU Affero General Public License as published by
+# the Free Software Foundation, either version 3 of the License, or
+# (at your option) any later version.
+#
+# This program is distributed in the hope that it will be useful,
+# but WITHOUT ANY WARRANTY; without even the implied warranty of
+# MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+# GNU Affero General Public License for more details.
+#
+# You should have received a copy of the GNU Affero General Public License
+# along with this program.  If not, see <https://www.gnu.org/licenses/>.
+
+import argparse
+import collections
+import datetime
+import enum
+import logging
+import os
+import sys
+
+from pathlib import Path
+
+from typing import (
+    Hashable,
+    Iterable,
+    Iterator,
+    Mapping,
+    NamedTuple,
+    Optional,
+    Sequence,
+    TextIO,
+    Tuple,
+)
+
+import odf.table  # type:ignore[import]
+
+from beancount.parser import printer as bc_printer
+
+from . import core
+from .. import books
+from .. import cliutil
+from .. import config as configmod
+from .. import data
+from .. import ranges
+
+PROGNAME = 'balance-sheet-report'
+logger = logging.getLogger('conservancy_beancount.tools.balance_sheet')
+
+class Fund(enum.Enum):
+    RESTRICTED = enum.auto()
+    UNRESTRICTED = enum.auto()
+
+
+class Period(enum.Enum):
+    OPENING = enum.auto()
+    PERIOD = enum.auto()
+
+
+class BalanceKey(NamedTuple):
+    account: data.Account
+    classification: data.Account
+    period: Period
+    fund: Fund
+    post_type: Optional[str]
+
+
+class Balances:
+    POST_TYPES = {
+        'Income': 'income-type',
+        'Expenses': 'expense-type',
+    }
+
+    def __init__(self,
+                 postings: Iterable[data.Posting],
+                 start_date: datetime.date,
+                 stop_date: datetime.date,
+                 fund_key: str='project',
+                 unrestricted_fund_value: str='Conservancy',
+    ) -> None:
+        self.opening_range = ranges.DateRange(
+            cliutil.diff_year(start_date, -1),
+            cliutil.diff_year(stop_date, -1),
+        )
+        assert self.opening_range.stop <= start_date
+        self.period_range = ranges.DateRange(start_date, stop_date)
+        self.balances: Mapping[BalanceKey, core.MutableBalance] \
+            = collections.defaultdict(core.MutableBalance)
+        for post in postings:
+            post_date = post.meta.date
+            if post_date in self.period_range:
+                period = Period.PERIOD
+            elif post_date < self.period_range.start:
+                period = Period.OPENING
+            else:
+                continue
+            if post.meta.get(fund_key) == unrestricted_fund_value:
+                fund = Fund.UNRESTRICTED
+            else:
+                fund = Fund.RESTRICTED
+            try:
+                classification_s = post.account.meta['classification']
+                if isinstance(classification_s, str):
+                    classification = data.Account(classification_s)
+                else:
+                    raise TypeError()
+            except (KeyError, TypeError):
+                classification = post.account
+            try:
+                post_type = post.meta[self.POST_TYPES[post.account.root_part()]]
+            except KeyError:
+                post_type = None
+            key = BalanceKey(post.account, classification, period, fund, post_type)
+            self.balances[key] += post.at_cost()
+
+    def total(self,
+              account: Optional[str]=None,
+              classification: Optional[str]=None,
+              period: Optional[Period]=None,
+              fund: Optional[Fund]=None,
+              post_type: Optional[str]=None,
+    ) -> core.Balance:
+        retval = core.MutableBalance()
+        for key, balance in self.balances.items():
+            if not (account is None or key.account.is_under(account)):
+                pass
+            elif not (classification is None
+                      or key.classification.is_under(classification)):
+                pass
+            elif not (period is None or period is key.period):
+                pass
+            elif not (fund is None or fund is key.fund):
+                pass
+            elif not (post_type is None or post_type == key.post_type):
+                pass
+            else:
+                retval += balance
+        return retval
+
+    def classifications(self, account: str) -> Sequence[data.Account]:
+        class_bals: Mapping[data.Account, core.MutableBalance] \
+            = collections.defaultdict(core.MutableBalance)
+        for key, balance in self.balances.items():
+            if key.account.is_under(account):
+                class_bals[key.classification] += balance
+        norm_func = core.normalize_amount_func(f'{account}:RootsOK')
+        def sortkey(acct: data.Account) -> Hashable:
+            prefix, _, _ = acct.rpartition(':')
+            balance = norm_func(class_bals[acct])
+            max_bal = max(amount.number for amount in balance.values())
+            return prefix, -max_bal
+        return sorted(class_bals, key=sortkey)
+
+
+class Report(core.BaseODS[Sequence[None], None]):
+    def __init__(self,
+                 balances: Balances,
+                 *,
+                 date_fmt: str='%B %d, %Y',
+    ) -> None:
+        super().__init__()
+        self.balances = balances
+        one_day = datetime.timedelta(days=1)
+        date = balances.period_range.stop - one_day
+        self.period_name = date.strftime(date_fmt)
+        date = balances.opening_range.stop - one_day
+        self.opening_name = date.strftime(date_fmt)
+
+    def section_key(self, row: Sequence[None]) -> None:
+        raise NotImplementedError("balance_sheet.Report.section_key")
+
+    def init_styles(self) -> None:
+        super().init_styles()
+        self.style_header = self.merge_styles(self.style_bold, self.style_centertext)
+        self.style_huline = self.merge_styles(
+            self.style_header,
+            self.border_style(core.Border.BOTTOM, '1pt'),
+        )
+        self.style_subtotline = self.border_style(core.Border.TOP, '1pt')
+        self.style_totline = self.border_style(core.Border.TOP | core.Border.BOTTOM, '1pt')
+        self.style_bottomline = self.merge_styles(
+            self.style_subtotline,
+            self.border_style(core.Border.BOTTOM, '2pt', 'double'),
+        )
+
+    def write_all(self) -> None:
+        self.write_financial_position()
+
+    def walk_classifications(self, cseq: Iterable[data.Account]) \
+        -> Iterator[Tuple[str, Optional[data.Account]]]:
+        last_prefix: Sequence[str] = []
+        for classification in cseq:
+            parts = classification.split(':')
+            tail = parts.pop()
+            tabs = '\t' * len(parts)
+            if parts != last_prefix:
+                yield f'{tabs[1:]}{parts[-1]}', None
+                last_prefix = parts
+            yield f'{tabs}{tail}', classification
+
+    def walk_classifications_by_account(self, account: str) \
+        -> Iterator[Tuple[str, Optional[data.Account]]]:
+        return self.walk_classifications(self.balances.classifications(account))
+
+    def write_financial_position(self) -> None:
+        self.use_sheet("Financial Position")
+        for width in [3, 1.5, 1.5]:
+            col_style = self.column_style(width)
+            self.sheet.addElement(odf.table.TableColumn(stylename=col_style))
+        self.add_row(
+            self.multiline_cell([
+                "DRAFT Statement of Financial Position",
+                self.period_name,
+            ], numbercolumnsspanned=3, stylename=self.style_header)
+        )
+        self.add_row()
+        self.add_row(
+            odf.table.TableCell(),
+            self.string_cell(self.period_name, stylename=self.style_huline),
+            self.string_cell(self.opening_name, stylename=self.style_huline),
+        )
+
+        prior_assets = core.MutableBalance()
+        period_assets = core.MutableBalance()
+        self.add_row(self.string_cell("Assets", stylename=self.style_bold))
+        self.add_row()
+        for text, classification in self.walk_classifications_by_account('Assets'):
+            text_cell = self.string_cell(text)
+            if classification is None:
+                self.add_row(text_cell)
+            else:
+                prior_bal = self.balances.total(
+                    classification=classification, period=Period.OPENING,
+                )
+                period_bal = prior_bal + self.balances.total(
+                    classification=classification, period=Period.PERIOD,
+                )
+                self.add_row(
+                    text_cell,
+                    self.balance_cell(period_bal),
+                    self.balance_cell(prior_bal),
+                )
+                prior_assets += prior_bal
+                period_assets += period_bal
+        self.add_row()
+        self.add_row(
+            self.string_cell("Total Assets"),
+            self.balance_cell(period_assets, stylename=self.style_bottomline),
+            self.balance_cell(prior_assets, stylename=self.style_bottomline),
+        )
+        self.add_row()
+        self.add_row()
+
+        prior_liabilities = core.MutableBalance()
+        period_liabilities = core.MutableBalance()
+        self.add_row(self.string_cell("Liabilities and Net Assets",
+                                      stylename=self.style_bold))
+        self.add_row()
+        self.add_row(self.string_cell("Liabilities", stylename=self.style_bold))
+        self.add_row()
+        for text, classification in self.walk_classifications_by_account('Liabilities'):
+            text_cell = self.string_cell(text)
+            if classification is None:
+                self.add_row(text_cell)
+            else:
+                prior_bal = -self.balances.total(
+                    classification=classification, period=Period.OPENING,
+                )
+                period_bal = prior_bal - self.balances.total(
+                    classification=classification, period=Period.PERIOD,
+                )
+                self.add_row(
+                    text_cell,
+                    self.balance_cell(period_bal),
+                    self.balance_cell(prior_bal),
+                )
+                prior_liabilities += prior_bal
+                period_liabilities += period_bal
+        self.add_row(
+            self.string_cell("Total Liabilities"),
+            self.balance_cell(period_liabilities, stylename=self.style_totline),
+            self.balance_cell(prior_liabilities, stylename=self.style_totline),
+        )
+        self.add_row()
+        self.add_row()
+
+        prior_net = core.MutableBalance()
+        period_net = core.MutableBalance()
+        self.add_row(self.string_cell("Net Assets", stylename=self.style_bold))
+        self.add_row()
+        accounts = ['Equity', 'Income', 'Expenses']
+        for fund in [Fund.UNRESTRICTED, Fund.RESTRICTED]:
+            preposition = "Without" if fund is Fund.UNRESTRICTED else "With"
+            prior_bal = -sum(
+                (self.balances.total(account=account, period=Period.OPENING, fund=fund)
+                 for account in accounts), core.MutableBalance(),
+            )
+            period_bal = prior_bal - sum(
+                (self.balances.total(account=account, period=Period.PERIOD, fund=fund)
+                 for account in accounts), core.MutableBalance(),
+            )
+            self.add_row(
+                self.string_cell(f"{preposition} donor restrictions"),
+                self.balance_cell(period_bal),
+                self.balance_cell(prior_bal),
+            )
+            prior_net += prior_bal
+            period_net += period_bal
+        self.add_row(
+            self.string_cell("Total Net Assets"),
+            self.balance_cell(period_net, stylename=self.style_subtotline),
+            self.balance_cell(prior_net, stylename=self.style_subtotline),
+        )
+        self.add_row()
+        self.add_row(
+            self.string_cell("Total Liabilities and Net Assets"),
+            self.balance_cell(period_liabilities + period_net,
+                              stylename=self.style_bottomline),
+            self.balance_cell(prior_liabilities + prior_net,
+                              stylename=self.style_bottomline),
+        )
+
+
+def parse_arguments(arglist: Optional[Sequence[str]]=None) -> argparse.Namespace:
+    parser = argparse.ArgumentParser(prog=PROGNAME)
+    cliutil.add_version_argument(parser)
+    parser.add_argument(
+        '--begin', '--start', '-b',
+        dest='start_date',
+        metavar='DATE',
+        type=cliutil.date_arg,
+        help="""Date to start reporting entries, inclusive, in YYYY-MM-DD format.
+The default is one year ago.
+""")
+    parser.add_argument(
+        '--end', '--stop', '-e',
+        dest='stop_date',
+        metavar='DATE',
+        type=cliutil.date_arg,
+        help="""Date to stop reporting entries, exclusive, in YYYY-MM-DD format.
+The default is a year after the start date.
+""")
+    parser.add_argument(
+        '--fund-metadata-key', '-m',
+        metavar='KEY',
+        default='project',
+        help="""Name of the fund metadata key. Default %(default)s.
+""")
+    parser.add_argument(
+        '--unrestricted-fund', '-u',
+        metavar='PROJECT',
+        default='Conservancy',
+        help="""Name of the unrestricted fund. Default %(default)s.
+""")
+    parser.add_argument(
+        '--output-file', '-O',
+        metavar='PATH',
+        type=Path,
+        help="""Write the report to this file, or stdout when PATH is `-`.
+""")
+    cliutil.add_loglevel_argument(parser)
+    return parser.parse_args(arglist)
+
+def main(arglist: Optional[Sequence[str]]=None,
+         stdout: TextIO=sys.stdout,
+         stderr: TextIO=sys.stderr,
+         config: Optional[configmod.Config]=None,
+) -> int:
+    args = parse_arguments(arglist)
+    cliutil.set_loglevel(logger, args.loglevel)
+    if config is None:
+        config = configmod.Config()
+        config.load_file()
+
+    if args.stop_date is None:
+        if args.start_date is None:
+            args.stop_date = datetime.date.today()
+        else:
+            args.stop_date = cliutil.diff_year(args.start_date, 1)
+    if args.start_date is None:
+        args.start_date = cliutil.diff_year(args.stop_date, -1)
+
+    returncode = 0
+    books_loader = config.books_loader()
+    if books_loader is None:
+        entries, load_errors, options_map = books.Loader.load_none(config.config_file_path())
+        returncode = cliutil.ExitCode.NoConfiguration
+    else:
+        start_fy = config.fiscal_year_begin().for_date(args.start_date) - 1
+        entries, load_errors, options_map = books_loader.load_fy_range(start_fy, args.stop_date)
+        if load_errors:
+            returncode = cliutil.ExitCode.BeancountErrors
+        elif not entries:
+            returncode = cliutil.ExitCode.NoDataLoaded
+    for error in load_errors:
+        bc_printer.print_error(error, file=stderr)
+
+    data.Account.load_from_books(entries, options_map)
+    balances = Balances(
+        data.Posting.from_entries(entries),
+        args.start_date,
+        args.stop_date,
+        args.fund_metadata_key,
+        args.unrestricted_fund,
+    )
+    report = Report(balances)
+    report.set_common_properties(config.books_repo())
+    report.write_all()
+    if args.output_file is None:
+        out_dir_path = config.repository_path() or Path()
+        args.output_file = out_dir_path / 'BalanceSheet_{}_{}.ods'.format(
+            args.start_date.isoformat(), args.stop_date.isoformat(),
+        )
+        logger.info("Writing report to %s", args.output_file)
+    ods_file = cliutil.bytes_output(args.output_file, stdout)
+    report.save_file(ods_file)
+    return returncode
+
+entry_point = cliutil.make_entry_point(__name__, PROGNAME)
+
+if __name__ == '__main__':
+    exit(entry_point())
diff --git a/setup.py b/setup.py
index de8c6d6..50ae439 100755
--- a/setup.py
+++ b/setup.py
@@ -5,7 +5,7 @@ from setuptools import setup
 setup(
     name='conservancy_beancount',
     description="Plugin, library, and reports for reading Conservancy's books",
-    version='1.7.1',
+    version='1.7.2',
     author='Software Freedom Conservancy',
     author_email='info@sfconservancy.org',
     license='GNU AGPLv3+',
@@ -37,6 +37,7 @@ setup(
     entry_points={
         'console_scripts': [
             'accrual-report = conservancy_beancount.reports.accrual:entry_point',
+            'balance-sheet-report = conservancy_beancount.reports.balance_sheet:entry_point',
             'extract-odf-links = conservancy_beancount.tools.extract_odf_links:entry_point',
             'fund-report = conservancy_beancount.reports.fund:entry_point',
             'ledger-report = conservancy_beancount.reports.ledger:entry_point',
diff --git a/tests/test_reports_balance_sheet.py b/tests/test_reports_balance_sheet.py
new file mode 100644
index 0000000..5239a76
--- /dev/null
+++ b/tests/test_reports_balance_sheet.py
@@ -0,0 +1,122 @@
+"""test_reports_balance_sheet.py - Unit tests for balance sheet report"""
+# Copyright © 2020  Brett Smith
+#
+# This program is free software: you can redistribute it and/or modify
+# it under the terms of the GNU Affero General Public License as published by
+# the Free Software Foundation, either version 3 of the License, or
+# (at your option) any later version.
+#
+# This program is distributed in the hope that it will be useful,
+# but WITHOUT ANY WARRANTY; without even the implied warranty of
+# MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+# GNU Affero General Public License for more details.
+#
+# You should have received a copy of the GNU Affero General Public License
+# along with this program.  If not, see <https://www.gnu.org/licenses/>.
+
+import datetime
+import io
+import itertools
+
+from decimal import Decimal
+
+import pytest
+
+from . import testutil
+
+import odf.opendocument
+
+from beancount.core.data import Open
+
+from conservancy_beancount import data
+from conservancy_beancount.reports import balance_sheet
+
+Fund = balance_sheet.Fund
+Period = balance_sheet.Period
+
+clean_account_meta = pytest.fixture(scope='module')(testutil.clean_account_meta)
+
+@pytest.fixture(scope='module')
+def income_expense_balances():
+    txns = []
+    prior_date = datetime.date(2019, 2, 2)
+    period_date = datetime.date(2019, 4, 4)
+    for (acct, post_type), fund in itertools.product([
+            ('Income:Donations', 'Donations'),
+            ('Income:Sales', 'RBI'),
+            ('Expenses:Postage', 'fundraising'),
+            ('Expenses:Postage', 'management'),
+            ('Expenses:Postage', 'program'),
+            ('Expenses:Services', 'fundraising'),
+            ('Expenses:Services', 'program'),
+    ], ['Conservancy', 'Alpha']):
+        root_acct, _, classification = acct.partition(':')
+        try:
+            data.Account(acct).meta
+        except KeyError:
+            data.Account.load_opening(Open(
+                {'classification': classification},
+                datetime.date(2000, 1, 1),
+                acct, None, None,
+            ))
+        meta = {
+            'project': fund,
+            f'{root_acct.lower().rstrip("s")}-type': post_type,
+        }
+        sign = '' if root_acct == 'Expenses' else '-'
+        txns.append(testutil.Transaction(date=prior_date, postings=[
+            (acct, f'{sign}2.40', meta),
+        ]))
+        txns.append(testutil.Transaction(date=period_date, postings=[
+            (acct, f'{sign}2.60', meta),
+        ]))
+    return balance_sheet.Balances(
+        data.Posting.from_entries(txns),
+        datetime.date(2019, 3, 1),
+        datetime.date(2020, 3, 1),
+    )
+
+@pytest.mark.parametrize('kwargs,expected', [
+    ({'account': 'Income:Donations'}, -10),
+    ({'account': 'Income'}, -20),
+    ({'account': 'Income:Nonexistent'}, None),
+    ({'classification': 'Postage'}, 30),
+    ({'classification': 'Services'}, 20),
+    ({'classification': 'Nonexistent'}, None),
+    ({'period': Period.OPENING, 'account': 'Income'}, '-9.60'),
+    ({'period': Period.PERIOD, 'account': 'Expenses'}, 26),
+    ({'fund': Fund.RESTRICTED, 'account': 'Income'}, -10),
+    ({'fund': Fund.UNRESTRICTED, 'account': 'Expenses'}, 25),
+    ({'post_type': 'Donations'}, -10),
+    ({'post_type': 'fundraising'}, 20),
+    ({'post_type': 'management'}, 10),
+    ({'post_type': 'Nonexistent'}, None),
+    ({'period': Period.OPENING, 'post_type': 'RBI'}, '-4.80'),
+    ({'fund': Fund.RESTRICTED, 'post_type': 'program'}, 10),
+    ({'period': Period.PERIOD, 'fund': Fund.UNRESTRICTED, 'post_type': 'RBI'}, '-2.60'),
+    ({'period': Period.OPENING, 'fund': Fund.RESTRICTED, 'post_type': 'program'}, '4.80'),
+    ({'period': Period.PERIOD, 'fund': Fund.RESTRICTED, 'post_type': 'ø'}, None),
+])
+def test_balance_total(income_expense_balances, kwargs, expected):
+    actual = income_expense_balances.total(**kwargs)
+    if expected is None:
+        assert not actual
+    else:
+        assert actual == {'USD': testutil.Amount(expected)}
+
+def run_main(arglist=[], config=None):
+    if config is None:
+        config = testutil.TestConfig(books_path=testutil.test_path('books/fund.beancount'))
+    stdout = io.BytesIO()
+    stderr = io.StringIO()
+    retcode = balance_sheet.main(['-O', '-'] + arglist, stdout, stderr, config)
+    stdout.seek(0)
+    stderr.seek(0)
+    return retcode, stdout, stderr
+
+def test_main():
+    retcode, stdout, stderr = run_main()
+    assert retcode == 0
+    assert not stderr.getvalue()
+    report = odf.opendocument.load(stdout)
+    assert report.spreadsheet.childNodes