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Balance Sheet
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Last modified on 12/28/2016 12:02 AM by User.

Balance Sheet

The Balance Sheet is split into six sections. Fixed Assets, Current Assets, Current Liabilities, Long Term Liabilities and Capital & Reserves.

Each Section has it's own set of entries. There are two type of entries under each section.

a - User Entered Values (Eg. Director Loan)

These are shown as the shaded lines and allow the user to enter a value directly into the Balance Sheet.

These can be configured using the Systems Parameter Code 53. See Insight Lookup Lists

b - System Generated Values (eg. Debtors, Creditors, VAT Due)

These are shown without any background shading and are calculated automatically from the income and expenditure information input in to the system

 

Other Notes

 

Reasons why Balance sheet Net Assets and Capital and Reserves may not add up.

- Payment Status not set correctly on Job Headers (eg. Job has been invoiced, but payment status is not set to O, but is blank)

- VAT Period dates overlap with financial period dates so VAT liabilities due in one financial period have have been paid in another

- VAT Return is marked as paid on the VAT Returns form, but expense transaction hasn't been entered.

- A VATable Invoice has been part-paid (so only the O/S amount is in Debtors), but the full Invoice VAT amount is in the "VAT Due on Debtors" line"

- The Opening Balance on the Bank Account Balance screen doesn't match the closing balance from the previous year

- The Retained Earnings on the Balance sheet doesn't match the Retained Profit figure from the previous year Profit & Loss Account.

- Are there any jobs that have been paid with multiple payments and these span two financial years? See Part-Paid Invoices/Jobs

For an Invoice of £216 (with £36 VAT included), a part payment of £180 has been made, leaving a balance of £36.  The £36 is included in the £961 Debtors amount below, but  as we don't know which portion has been paid, the full VAT amount of £36 has been included in the VAT Due on Debtors figure.

In this case, it's likely that the job has been incorrectly had VAT applied and is should be without VAT.

E.g

 

- Latest VAT Return not run

- Latest Balance Sheet Not Run

- Stock Valuation incorrect as there are item without cost prices

- Not All Expenses have been allocated a cost centre (especially Imported Bank Transactions)