25 Balance Sheet
From TrueERP wiki
Balance Sheet Report
Run a Balance Sheet from the Report Selector menu or from the Accounts Module?
- Select the Accounts module and then the Balance Sheet button within the main screen
- You can also access this report by selecting the Accounts Reports button to open the Report Selector.
- Select the Accounts Radio Button then double click Balance Sheet
N.B. The Report Selector can be opened from Any Module or by clicking on the Reports button at the bottom of the Main Screen.
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.
- To open the Balance Sheet Select the Accounts Module
- Select the Balance Sheet button and the Balance Sheet will display
- Select the As Of Date you require from the Drop Down
- Select the Department button to open a list of Departments or tick All as the Balance Sheet can be obtained for each or all departments or Cost Centres within your Company Database.
- By default the Balance Sheet will open to display All Departments (Cost Centres).
- To Drill Into these reports, double click on the Values you wish to view and this will take you to the Balance Transaction List that makes up the report.
- Then double click again and this will enable you to view each Individual Transaction.
- Select the Refresh button which 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.
