25 Balance Sheet
From TrueERP wiki
Balance Sheet Report
Run a Balance Sheet report from the main screen? Run a Balance Sheet report from the report selector?
These reports are situated within the accounts module and you will locate the Buttons right next to the Profit and Loss button within the main screen. Or you can access them in the same way as the P & L Report. You just need to select the report that you wish to view and print.
To drill into these reports, double click on the values you wish to view and this will take you to the transaction list that make up the report. Then double click again and this will enable you to view the actual transactions.
Definition
A balance sheet is a statement of the total assets and liabilities of an organisation at a particular date - usually the last date of a financial or accounting period.
The balance sheet is split into two parts:
(1) A statement of fixed assets, current assets and the liabilities (sometimes referred to as "Net Assets")
(2) A statement showing how the Net Assets have been financed, for example through share capital and retained profits.
Legislation requires the balance sheet to be included in the published financial accounts of all limited companies. In reality, all other organisations that need to prepare accounting information for external users (e.g. charities, clubs, partnerships) will also product a balance sheet since it is an important statement of the financial affairs of the organisation.
A balance sheet does not necessary "value" a company, since assets and liabilities are shown at "historical cost" and some intangible assets (e.g. brands, quality of management, market leadership) are not included.
How to use the Balance Sheet
• Select the Accounts tab • Select the Balance Sheet button • The Balance Sheet Report will display
Set Date
Select the 'As of' date you require (top right)
Set Departments
A Balance Sheet can be obtained for each or all departments or Cost Centres within your Company Database. The Balance Sheet will open by default to display "All" Departments (Cost Centres).
Un-tick the "All" field to select a specific "Department" (Cost Centre) for your Balance Sheet Report, if required.
Drilling into the Balance Sheet
The Accounts that appear in the Balance Sheet that display an Account Balance (Accounts that are not Header Accounts), can be drilled into, to reveal further detail. This will open the Balance Transaction List of the related transactions pertaining to that Account.
Refresh
The Refresh button will refresh and update the page with the latest information available. This is important if other users have entered transactions into your ERP database while you have your Balance Sheet open.
