The Balance Sheet provides a snapshot of a company's financial position as at a specific date and is displayed in a tree-view grid which is divided into three categories, based on the accounting equation which is: Assets = Equity + Liability. The fixed Categories are:

• Assets
• Liabilities & Equity > Liabilities
• Liabilities & Equity > Equity

Each of these fixed Categories is populated with the Account Categories that are linked to them and the Account Categories are in turn populated with the Accounts that are linked to them.

Real accounts are also known as Permanent or Balance Sheet accounts and will have balances that carry over from one financial year to the next. Said another way, Balance Sheet accounts start every new Financial Year with the closing balance from the previous financial year.

Discover Balance Sheet:

• Get Started
• Balance Sheet Setup
• Balance Sheet Interface

Get Started

The Balance Sheet module is a fixed module that needs to be added to the Main Menu or/and to the Tile menu using Main Menu > Setup > Menu Manager.

User Access needs to be granted in Main Menu > Setup > Settings > Users > Accounting > Balance Sheet - Access Allowed.

Balance Sheet Setup

The Balance Sheet must be set-up under Main Menu > Setups > Accounting as follows:

• Account Categories - Link the Account Categories to Assets, Liabilities or Equity using the drop-down list in the Balance Sheet column.
• Accounts - Set the Report column to Excluding VAT, Including VAT or VAT Amount using the drop-down list provided. This setting is also used for the Trial Balance.

Fore more about Accounting Setups, click here.

Balance Sheet Interface

Navigation

Main Menu > Accounting > Balance Sheet > View

1. Report - This allows you to select what is shown in the data grid - this is used for Reporting or Output purposes.
   • All - This shows all the Trial Balance records.
   • Income Statement - This shows only Income Statement records.
   • Balance Sheet - This shows only Balance Sheet records.
2. Date - This allows you to select the date for the Balance Sheet.
3. Show all check box - This allows you to view all the Accounts, even if there is no movement against them. By default, only Accounts with values in them are displayed.
4. Assets - This shows a breakdown of Asset accounts and values.
5. Liabilities & Equity - This shows a breakdown of Liabilities and Equity accounts and values.
6. Graph - This shows a graphical representation of the Balance Sheet.

When set up correctly, the Assets total should equal the Liabilities & Equities total - allowing for a few cents difference due to VAT rounding.

The QuickEasy Software Balance Sheet also displays the totals for the same date in the Previous Year as well as the Growth % and an accompanying chart to illustrate the year-on-year growth.

Users are able to drill-down to the Transactions linked to an Account by clicking the drilldown (Eye Icon) button on the right of the tree-view grid. Double-clicking the Account will open the Account Summary in the side panel.