The Balance Sheet Account form in Manager.io allows you to create new balance sheet accounts or edit existing ones. This guide will walk you through the process of accessing the form and configuring each of its fields to suit your accounting needs.
To create a new balance sheet account:
Settings tab in Manager.io.Chart of Accounts.Balance Sheet section, click on New Account.To edit an existing balance sheet account, simply locate the account in the Chart of Accounts and click on it to open the form.
The form includes several fields and options that allow you to customize your balance sheet reports. Below is a detailed explanation of each:
By default, the report is named Balance Sheet, but you can change the title to something more descriptive if needed. This is especially useful if you have multiple balance sheet reports and need to differentiate between them.
Enter a description for the report to provide additional context or details. This helps you identify the report in your list of balance sheets, especially if you have customized versions.
Configure the columns to be displayed in your balance sheet report.
Specify the date for which you want the balance sheet figures to be calculated. This determines the financial data included in the report up to that date.
If your organization uses divisions, select the appropriate one here to generate a divisional balance sheet. This allows you to view financial information specific to a division.
Enter a name for the column. If you leave this field empty, the system will automatically use the Date as the column name.
Adding Comparative Columns:
To include comparative figures in your report, click on the Add Comparative Column button. This allows you to compare financial data across different periods or divisions within the same report.
Choose your preferred accounting method:
Select this option if you want the figures in your report to be rounded to whole numbers. This can make the report easier to read by removing decimal places.
Choose the desired layout for your balance sheet report. Different layouts can present the information in various formats, so select the one that best suits your reporting needs.
Select which account groups you want to collapse in the report. Collapsing groups will summarize the accounts within them, making the report more concise by displaying the group totals instead of individual account balances.
Enter any additional text you want to display at the bottom of the report. This could be notes, disclaimers, or any other relevant information.
If you use account codes in your chart of accounts, select this option to display them alongside the account names in the report. This can help with account identification and cross-referencing.
Check this option if you want to exclude accounts that have a zero balance from the report. This helps in simplifying the report by removing accounts with no financial activity.
Balance sheet accounts at the top level cannot use foreign currencies. These accounts must always appear in the base currency on financial statements, even if transactions were originally recorded in a foreign currency.
If you need a custom balance sheet account that operates in a foreign currency, you should set it up as a Special Account within the Special Accounts tab. Special Accounts allow for more flexibility, including the use of foreign currencies.
For more information on setting up and using Special Accounts, refer to the Special Accounts Guide.
By properly setting up your balance sheet accounts using this form, you can ensure that your financial reports accurately reflect your organization's financial position.