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Difference between revisions of "Balance Sheet"
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Revision as of 14:46, 2 February 2021
Balance Sheet
Balance Sheet Menu
File:Balance Sheet Menu.png
Balance Sheet Menu
Balance Sheet Module refers to an overview report of the user's Organization's Assets. Liabilities and Equity at a given time.
Balance Sheet Terms on Oojeema Prime:
- Date Range(Monthly, Quarterly, Yearly) - gives the user a set of date range on how they will view their Balance Sheet.
- Account - set of accounts included on the Balance Sheet which mainly compose of Assets, Liabilities and Equity.
- Assets - set of accounts or anything valuable that the organization owns. It can be land, equipment, or any intellectual property.
- Set of Assets can be seen in Assets Tab under Chart of Account Maintenance Module.
- Current Assets - this refers to the assets of a company that are expected to be sold, used, consumed, or exhausted through standard business operations within the given time period.
- Set of Assets can be seen in Assets Tab under Chart of Account Maintenance Module.
- Non-Current Assets - non current assets are usually listed below current assets, these are assets whose benefits will be realized over a certain period(more than a year) and cannot be converted into cash. These assets may include property, equipment, supplies and peripherals.
- Set of Non-Current Assets can be seen in Assets Tab under Chart of Account Maintenance Module.
- Non-Current Assets can also be seen in Fixed Asset Master and Fixed Asset Class since its GL Account is tag on a certain Chart of Account.
- Equity - Equity refers to all values that will be returned to the company's shareholders if the assets were liquidated and all the debts were paid off.
- Retained Earnings - Retained earning referred to any profits that earned by a company on a certain period, less the dividends and any other distributions paid to the investors. This can be adjusted if there is an entry on the accounting records that changes a revenue or expense account.
- Liabilities - refers on something that a company owes, usually an amount of money. This can be settled over time through transfers of benefits economically, this may include money, goods or services.
- Current Liabilities - these are the set of amounts to be paid to creditors within a specific range of date.