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Balance Sheet Terms & Definitions

This article outlines all the terms you will come across in the balance sheet and where the figures for each of the items come from within Agrimaster.

Assets 

Assets are items you own that are worth money and you can sell them. 

The total of the below figures will give you the Total Current Assets. 

Current Assets All assets that can be converted into cash within the next 12 months from the date the balance sheet is generated. 
Cash  Total of your credit balances in your accounts marked as Working Accounts.
Accounts Receivable  Total of all items currently outstanding in invoicing (debtors).
Livestock  Total of all commodities marked as livestock in the trading stock in asset register or trading stock section. 
Trading Stock

Total of all commodities marked as trading stock in the trading stock in the asset register or trading stock section. 

Fixed Assets At Cost   
Plant and Machinery  Total of all items in asset register marked as plant and machinery in asset register or trading stock section. 
Buildings  Total of all items in asset register marked as buildings in asset register or trading stock section. 

Less Accumulated Depreciation

A total of all items in assets register that are depreciated regardless of what method is used. 

The total of the below figures will give you the Total Other Assets. 

Total Fixed Assets Net Other Assets The total of buildings, plant and machinery minus depreciation. 
Intangibles  This figure includes all items classified as Intangibles in the asset register or trading stock section. 
Goodwill This figure includes all items classified as Intangibles in the asset register or trading stock section. 
Other  This figure includes all items classified as Fixtures & Fittings in the asset register or trading stock section. 

The total of all figures in the assets and less accumulated depreciation will give you Total Assets. 

Liabilities

These are items you own but you owe money on. E.g. loans, HP's or chattel mortgages that you have taken out. 

All tax liabilities in Agrimaster are calculated up to the latest entries in Transactions, Invoices or Accounts Payable. 

The total of the figures below will give you the Total Current Liabilities. 

Current Liabilities  all liabilities that need to be paid within 12 months from the date the balance sheet is generated. 
Account Payable  All items in your chequest, EFT accounts payable section in Agrimaster.
GST Payable  Based on the GST liability calculated by Agrimaster. 
PAYG Payable  Based on the tax calculated by Agrimaster. 
Installment Tax Payable  Based on the tax calculated by Agriamster. 
Short Term Debt  The total of all working accounts that have a debit balance. 

Long Term Debt

Long Term Debt  Liabilities that need to be paid but are not owed within 12 months from the date the balance sheet is generated. 
Loans  The total of all term loan, HP, lease and chattel mortgage accounts that have a debit balance. 

The total of the figures in current liabilities and long term debt will give you the Total Liabilities. 

Owner's Equity

How much the business owner owns of the company.

The total of all items above will give you Total Liabilities and equity. 

 

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