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VIEW GENERAL LEDGER REPORTS
VIEW BALANCE SHEET
  
The Balance Sheet lists the balances of the Asset, Capital and Liability accounts as at the end of a specified Accounting Period. The Asset accounts should reflect debit balances and the Capital and Liabilities accounts should reflect credit balances. The Assets should always balance with the Capital and Liabilities accounts.

The balancing figure is the Net Profit or Loss. A Net Profit is displayed when the Income account balances are more than the Expense account balances. A Net Loss is displayed when the Expense account balances are more than the Income account balances.

The Balance Sheet will include posted Batches (Journals), updated documents (Invoices, Credit Notes, Purchase or Goods Received Notes and Stock or Goods Returned documents) and Point-of-Sales Invoices for which the Shift is closed. Any Unposted Batches and Documents will be excluded from the Balance Sheet.

 

The Balance Sheet is generated in the Balance Sheet Options screen on which the following selections will determine the format and the information included in the Balance Sheet:
  1. Sequence - select to display the accounts according to the Account Groups 1 or 2.

  2. Select to display sub-accounts or only the main accounts - if the sub accounts is not selected, the balances for the sub accounts will be summarised and listed for the main accounts.

  3. Periods - The Accounting Periods for a Financial Year using This Year or Last Year Search or lookup facility.

  4. Select to include zero balances - this will list the Assets, Capital and Liability accounts on the chart of accounts and will display balances for only those accounts with balances.

  5. Select to display decimals for the balances listed.
The following is an example of Balance Sheet generated with comparative figures for last Year:

Name of the business. System date and time. Name of the report. The Balance Sheet account closing balances will be listed as at the end of the selected Accounting period. Account number and name of the Asset, Capital and Liability accounts. Closing balances of Assets, Capital and Liability Accounts as updated with This Year transactions. Closing balances of Assets, Capital and Liability Accounts as updated with Last Year transactions. Total of the closing balances of the accounts linked to the Fixed and Current Assets Account Group. List of the Balance Sheet accounts linked to the Fixed Assets Account Group. Total of the closing balances of the accounts linked to the Fixed Assets Account Group. List of the Balance Sheet accounts linked to the Current Assets Account Group. Closing balances linked to the Fixed Assets Account Group as updated with This Year transactions. Closing balances linked to the Fixed Assets Account Group as updated with Last Year transactions. Total of the closing balances of the accounts linked to the Current Assets Account Group. Closing balances linked to the Fixed Assets Account Group as updated with This Year transactions. Closing balances linked to the Fixed Assets Account Group as updated with Last Year transactions. List of the Balance Sheet accounts linked to the Assets Financial Category. Page number.
Total of the closing balances of the accounts linked to the Current Liabilities Account Group. List of the Balance Sheet accounts linked to the Capital Account Group. Total of the closing balances of the accounts linked to the Capital Account Group. List of the Balance Sheet accounts linked to the Current Liabilities Account Group. Closing balances linked to the Capital Account Group as updated with This Year transactions. Closing balances linked to the Capital Account Group as updated with Last Year transactions. Total of the closing balances of the accounts linked to the Capital and Current Liabilities Account Groups. Closing balances linked to the Current Liabilities Account Group as updated with This Year transactions. Closing balances linked to the Current Liabilities Account Group as updated with Last Year transactions. List of the Balance Sheet accounts linked to the Capital and Liabilities Financial Category. The total Net Profit or Loss as reported on the Income Statement. Total of the closing balances of the accounts linked to the Long-term Liabilities Account Group.

The Balance Sheet will list the Asset accounts, which is linked to the Assets Financial Category and then the Capital accounts, which is linked to the Capital Financial Category. Finally the Liability accounts, which is linked to the Liability Financial Category in the Setup - System Parameters - Financial Categories menu option. You may also select to print the Liabilities before Capital on the Financial Categories screen. The information on the Balance Sheet is displayed in 4 columns and is as follows:
  1. Account - The Balance Sheet accounts numbers and the name of the accounts will be listed and a total for Asset accounts. The Assets are grouped in a further classification (Fixed Assets, etc.) as created in the Setup - System Parameters - Groups (Accounts tab) menu option and linked to the accounts in the Edit Accounts - General Ledger, Bank and Tax Accounts menu options. A total will be displayed for each of the Assets account groups. The Capital and Liabilities are also grouped according to the account groups and a total will be displayed for each account group. A Total will also be displayed for the Capital and Liabilities and it should be equal to the Assets.

  2. This Year - The Asset account balances will usually be listed as Debit balances and the Capital and Liability account balances will usually be listed as Credit balances. These account balances are the closing balances of the accounts as is updated when batches and journals are posted and when documents are updated.

  3. Last Year - The Asset, Capital and Liability account balances will only be listed if the financial year is closed in the Tools - Global Processes - Do Year-end menu option or if any transactions in batches or documents have been posted to Last Year. This will allow you to compare This Year's balances with that of the same accounting periods in the previous (Last Year) balances.
The Net Profit figure will be displayed at the end of Capital and Liabilities. This figure is the displayed if the Income Account balances are more than the Expense Account balances. Should the Expense Account balances exceed the Income Account balances, the Net Profit description will be displayed as Net Loss. When the financial year is closed the Net Profit or Net loss will be transferred to the Retained Income or Retained Earnings account.

The credit balances for the accumulative Depreciation accountis listed on the Balance Sheet in the Assets section, which should reflect debit balances. The accumulated depreciation is a fixed asset contra account, which will reflect the book value of each fixed asset in the balance sheet. Should you generate the balance sheet and you do not select the sub-accounts option on the report options screen, only the net value (book value) (a debit balance) will be reflected.

The Provision for bad debts should also reflected a credit balance on the Balance Sheet in the Assets section, which should reflect debit balances. The provision for Bad Debts is a current asset contra account, which will reflect the net value of the good book debtors.

Individual Debtor Account balances are summarised and a total of all the Debtor Account balances are displayed in the Debtors Control Account in the trial balance. To view a list of the individual Debtor Account balances, you need to generate a Debtor Age Analysis report.

Individual Creditor Account balances are summarised and a total of all the Creditor Account balances are displayed in the Creditors Control Account in the trial balance. To view a list of the individual Creditor Account balances, you need to generate a Creditor Age Analysis report.

The amounts which are displayed in <> indicates a credit or negative figure. You may change this negative amount indicator to a minus sign (-) to prefix your amounts or set it to display a D (for Debit) or a C (for Credit) in the Setup - Preferences - Data Parameters menu option.