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
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.
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.
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.
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 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