This article is intended for users who want to gain an understanding of how to use Balance Sheets.
Prior to creating a Balance Sheet, it is recommended you read Introduction to Balance Sheets to gain introduction level of understanding of concepts in Balance Sheets and initial setup.
Create A Balance Sheet
Once you have configured your bank accounts, setup your trading stock control and setup your asset register you can then produce a balance sheet.
Balance Sheet Categories
The following are the headings under which balance sheet items will be listed and are not user-definable. Select which in the category each item belongs.
- Fixtures & Fittings.
- Motor Vehicles.
- Plant & Equipment.
- Trading Stock.
The Balance Sheet Report sources information from:
- Asset Register:
- Asset register values at the cost.
- Asset register depreciation to date.
- Asset register liabilities (if selected).
- Trading Stock total current.
- 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 (Basic and Enhanced).
- Accounts payable (EFTs, Cheques, etc).
- GST owed or owing.
- PAYG liability.
- Instalment Tax liability.
Owners’ equity will be calculated as total assets less total liabilities.
To create the Balance Sheet
- Start at the Home Page.
- Click Cashbook.
- Click Report.
- Click Accounting Reports.
- Click Balance Sheet.
- Select the month.
- Click the green tick.
Below is an example of what a balance sheet looks like in Agrimaster:
Continue To: Balance Sheet Terms & Definitions