Balance Sheet

The Balance Sheet Page provides a snapshot of the company’s financial position at a specific point in time. It summarizes the company’s assets, liabilities, and equity, following the fundamental accounting equation: Assets = Liabilities + Equity. This page helps users analyze financial health and track the balance between what the company owns and owes.

Features

1. Balance Sheet Summary

The summary displays the breakdown of key financial components:

• Assets: Resources the company owns, categorized further into subaccounts like:
  • Other Current Assets: Includes items such as input tax and purchases.
  • Accounts Receivable: Money owed to the company by customers.
  • Cash: Available cash or cash equivalents.
• Liabilities: Debts and obligations, categorized further into subaccounts like:
  • Accounts Payable: Amounts owed to vendors.
  • Other Current Liabilities: Includes entries such as taxes and advances received.
• Equity: Represents the owners’ stake in the business.
• Liabilities + Equity: Reflects the total of liabilities and equity, which should match the total Assets.

2. Balance Sheet Table

Details of financial accounts are displayed, including:

• Account Name: Name of the account (e.g., INPUT TAX, NET TAX PAYABLE).
• Balance: Debit or credit balances associated with the account.

3. Export to Excel

Download the entire balance sheet as an Excel file for offline analysis, record-keeping, or sharing.

4. Filter

Refine displayed data by applying filters based on specific criteria (e.g., account categories or timeframes).

Step-by-Step Guides

A. How to Analyze the Balance Sheet

1. Understand Account Categories:
   • Review the breakdown of Assets, Liabilities, and Equity to understand financial distribution.
2. Compare Totals:
   • Confirm that the total Assets equals Liabilities + Equity to ensure accuracy.

B. How to Use Filters

1. Access Filter Options:
   • Locate the filter field to refine displayed data.
2. Enter Criteria:
   • Specify the desired account category, timeframe, or other criteria.
3. Apply Filter:
   • Click Search to update the display based on your filter inputs.

Frequently Asked Questions

Q: Why must Assets equal Liabilities + Equity?

A: This reflects the fundamental accounting equation, ensuring that all resources are funded by either debts or owners’ contributions.

Q: Can I edit account data directly on the Balance Sheet Page?

A: No, the page is for viewing and exporting data. Account details must be updated in the relevant journal or account setup section.

Q: What’s included in “Other Current Assets” and “Other Current Liabilities”?

A: These categories may include specific items like input taxes, output taxes, purchases, and advances.

Troubleshooting and Support

Problem: The filter does not yield results.

Solution: Double-check the input criteria to ensure they match existing account data. Clear the filter and reapply, if needed.

Problem: Export to Excel fails.

Solution: Ensure your browser allows downloads. Contact system support if the issue persists.

Problem: Totals for Assets and Liabilities + Equity do not match.

Solution: This usually indicates accounting discrepancies. Review the ledger and ensure all transactions are recorded accurately.