This article will outline all the steps needed to create a balance sheet within Agrimaster.
Balance Sheets track the change in value for your cash and your items and can tell you what you are worth at any one time - the total value of your all items.
Some items go up in value over time (e.g. land), some items go down in value over time (e.g. tractors) and some items vary in value over time (e.g. livestock).
In order to produce a balance sheet you will need to:
- Allocate categories (types) to all bank accounts (explained below).
- Setup allocations for commodity items.
- Setup trading stock.
- Setup asset register.
Please Note: You must configure all these items before you do a balance sheet. You can choose to use these features independently.
Allocate A Category To All Existing Bank Accounts
There is a drop-down list on the bank account setup window. New and existing users will need to allocate each bank account to one of the following categories. These categories are used in the balance sheet under current or long term assets and liabilities:
- Working account term loan.
- Chattel mortgage.
- Non-cash account - For users who wish to make journal entries.
Please Note: By default, all existing bank accounts will be set to Working Account.
Create A Balance Sheet
Once you have configured your bank accounts, set up your trading stock control and set up your asset register to produce a balance sheet.
- Start at the Home Page.
- Click Cashbook.
- Click Report.
- Click Balance Sheet.
- Select the month.
- Click the green tick.
Below is an example of what a balance sheet looks like in Agrimaster:
Balance Sheet Categories
These are headings under which balance sheet items will be listed and are not user definable. Users can, however, choose which category each item belongs to:
- Fixtures & Fittings.
- Motor Vehicles.
- Plant & Equipment.
- Trading Stock.
Balance Sheet Report Sources Information From:
- Asset register:
- Asset register values at cost.
- Asset register depreciation to date.
- Asset register liabilities (if selected).
- Trading stock total current value.
- Cash (bank accounts in credit marked as Working).
- Short term debt (Bank accounts in debit marked as Working).
- Long term debt (bank accounts marked as Term Loan).
- Accounts receivable from invoicing (old and enhanced).
- Accounts payable (EFTs etc).
- GST owed or owing.
- PAYG liability.
- Installment tax liability.
Please Note: Owners' equity will be calculated as total assets less total liabilities.