Balancesheet belonged to the Assembler species, a race of large arachnids notable for developing numerous semi-independent nodes. Originally, Balancesheet was a node of the notorious information broker Kud'ar Mub'at, existing as a significantly smaller version of its creator. Its specific function was to maintain and organize Mub'at's financial records, which is how it acquired its name. Over time, it gained a level of independence that was considered advanced for a node. Mub'at, wary of such developments, routinely re-ingested any other nodes that displayed similar independence. However, due to the importance of Balancesheet's role, Mub'at hesitated to absorb it.
During the Bounty Hunter Wars, Balancesheet secretly demonstrated, without its creator's knowledge, that it also possessed the capability to generate its own nodes. Balancesheet created a node that deceived its master into believing it was still connected to the neural cord that Mub'at used to control it, thus enabling Balancesheet to sever itself from the web. After it escaped from Mub'at's control, it engaged in business discussions with Prince Xizor, which ultimately led to its master's downfall and death.
After convincing Xizor not to kill Boba Fett, Balancesheet managed to acquire a used freighter from Black Sun. It also obtained half of the bounty placed on the renegade stormtrooper Trhin Voss'on't by outsmarting Fett, an act that Fett never forgave. Balancesheet used the reward money from this bounty to finance its newfound independent existence.
Even though it continued its master's profession as an infochant, Balancesheet was once outbid by 8t88 for a contract from Jerec to locate the legendary Valley of the Jedi.
Later, Balancesheet made an arrangement with Fett, providing information on the cyborg bounty hunter D'harhan in exchange for a bounty.