The paper presents abilities and advantages following from the use of the harmonicbalance method for analysis of steady state of a multiphase system with switching devices on example of a matrix converter. Switching elements are modelled as resistances with step-wise variable parameters, what allows to describe the converter by a linear infinite set of equations. The analysis in frequency domain is presented on example of the one-periodic control strategy. External systems were also added using the Thevenin method approach. The numerical calculation results of a linear equations set were verified by the variable structure method in a time domain and the numerical convergence was confirmed. Furthermore, the exemplary complex system was analysed using the cascade method and current waveforms were obtained.