Introduction: Balance Sheet (15-23)

Overview

This selection is used to view and print balance sheets. You can view, in one run, multiple balance sheets or a single balance sheet. Additionally, you can combine the information from two or more sheets onto a consolidated balance sheet, which is useful for companies running multiple corporations on one directory.

Setup Instructions

Before creating a consolidated balance sheet, (using the ‘Consolidate Multiple Balance Sheets’ option), you must set up consolidation accounts in Chart of Accounts (15-02).

We suggest using ‘Z00000’ as the first six-digits of the consolidation accounts.

The second six-digits should match the accounts on the balance sheets that you are consolidating. For example, if you are consolidating balance sheets that contain the account ‘000000 103000’, you need to create a consolidation account ‘Z00000 103000’ in Chart of Accounts. This must be completed for each account that exists on the balance sheets that are being consolidated.

The above process can be repeated for additional consolidated balance sheets using “Z10000”, “Z20000”, etc. as the first six digits.

After checking the ‘Consolidate Multiple Balance Sheets’ box in this selection, you’ll need to enter first two digits (e.g. “Z0”) of the consolidation accounts at the ‘Title and Format Group Codes’ prompt.

Special Notes

• Any balance sheet can be viewed for any period that is after the last purge date and that is on or before the ending date of the current Sales Analysis Reporting Month. Any prior period entries that have been dated on or before the prior period month are automatically included in the print.
• During Month End Close, the Month End Closing selection (15-40) calculates the amount of profit and loss for every profit and cost center. It then automatically makes the entry to close the profits and losses into the Current Years Earnings account in the equity section on the balance sheet. Since this entry is automatically made during Month End Close, the balance sheet must be printed immediately after the Month End Close. The total liabilities and equity would not equal the total of the assets–the difference being the profit or loss for the current month.