This topic explains: - Report calculations
- Differences between the old and new Balance Sheet reports
- Customising the report to suit your business
- Running the report for different periods
- Drill down to investigate balances
How the new Balance Sheet calculates
There's different ways that the Balance Sheet can be organised and calculated. There's differences in the layout and labelling of each section as well as differences in how it balances. On the new Balance Sheet, you'll notice that sections are in a different order and the calculated values that make the Balance Sheet balance are different. There is no right or wrong answer here, just different ways to work it out. Current layout - Net Assets are calculated as Total Assets less Liabilities
- Equity balances with Net Assets
For example You have the following: £8000 of Assets, £2000 of Liabilities and £6000 of Equity | Current balance sheet | | | Assets less Liabilities = Net Assets | 8000 - 2000 = 6000 | | Your Equity balances with your Net Assets | Equity = 6000 Net Assets = 6000 |
How the new Balance Sheet is different The new Balance Sheet: - Has three pre-configured views to give you three ways of viewing the Balance Sheet out of the box
- Has the option to choose a new date range for each View, with descriptions so you always know exactly what range you're reporting on
- Allows you to use multiple date range types and choose to show totals for selected periods or as a single total
- Lets you compare across periods or financial years and track the variance across periods
How to use the new Balance Sheet You'll find a section for your Profit and Loss for the current year and previous years. This value is taken from the account balance summarised on the Profit and Loss. Read more about the Profit and Loss report. There's 3 default views for the report for the most common business periods. Alternatively, use the Period filter to set your own date range. Use the Default Views at the top of the report - Year to date
Calculate the Balance Sheet up to the end of the current month - Prior year comparison
Compare the Balance Sheet with the same period last year - Per month
Shows the Balance Sheet month by month for the current financial year with an additional column showing the balance bought forward from the previous year - Select the Edit icon next to Period on the Customise report panel.
- Select a period or set a custom date range.
- Select Calculate.
Add additional comparison columns, to monitor how your business is performing compared to the previous period or the same period in a previous financial year. This adds a column to the right with the figures for the previous period or previous year, plus a column to show the difference. The difference can be shown as percentage, an amount or both. - From the Customise report panel, select Columns.
- Select to add a column for the Previous Period or Year.
- Select how to show the variance.
- Select Calculate.
When comparing multiple periods, including opening and closing balances allows you to gauge the ongoing performance of your business. Compare the opening balance at the start of a year, track the changes across multiple periods and finally compare with your closing balance as at the current date. - From the Customise report panel, select Columns.
- Select Year to date closing balances and/or Opening balances.
- Select Calculate.
Show values on your balance sheet a running total from the beginning of the year to the end of each period. - From the Customise report panel, select Columns.
- Select As cumulative over a period of time.
- Select Calculate.
To see your business in more detail, expand the report to show totals for individual categories. This helps you understand where the numbers come from. For example, under Fixed Assets, see the value of each asset type in your chart of accounts such as property, vehicles etc. - Select Customise, then Rows.
- Select the Account check box
- Select how you display the nominal code.
- Select Run report.
Drill down balances If you see balances you want to investigate, you can drill down on the balances to see details. Select any underlined balance to see what makes it up. If you drill down on: - An amount which spans many accounts or months, the Nominal Activity Summary report opens for you to review the balances. For more information on this have a look at About the Nominal Activity report
- A single account for a month the Nominal Activity Detailed report opens for you to review the transactions made to the account
To return to the original report, close the open report (or reports) or select Back in your browser.
Save or share your report When you're happy with your report, you can save or export it. - From More actions, select Export.
- You can choose PDF, CSV, or Excel format. Select the format.
- You'll be prompted to your downloads folder on your device to select the file name and location. Select Save.
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