diff --git a/tests/test_reports_balance_sheet.py b/tests/test_reports_balance_sheet.py
new file mode 100644
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+++ b/tests/test_reports_balance_sheet.py
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+"""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