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Current Assets |
  
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Current Assets |
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CURRENT ASSETS*} The Balance Sheet summarizes your business’s assets and liabilities. First the bank account balances from the check book files are posted to the bank asset accounts according to the account numbers set up in the chart of accounts defaults. The value of each item in the inventory file is added up and broken down into inventory available for sale and inventory that is on layaway.
Any accounts receivables found in the accounts receivables files are also posted to the Current Assets section of the balance sheet.
Inventory received on memo is not included in the inventory assets. Memo inventory is excluded if the invoice number that the merchandise was received on starts with the letters MEM.
LONG TERM ASSETS*} Any entry in the chart of accounts with an account number larger than the long-term assets cut-off point is entered into the Long Term Assets section of the balance sheet. The default cut-off account is 190, but you can change this from the Chart of Accounts Defaults option from the Chart of Accounts Maintenance Menu on page .
Assets other than bank balances, inventory and accounts receivable have to be manually entered by the user either by directly making an entry using the Enter/Edit Chart of Accounts menu choice or by making a General Journal Entry from the Checkbook Transactions Menu.
CURRENT LIABILITIES*} Any accounts payable invoices found in the payables files are posted to the Current liabilities section of the balance sheet. The sales files are scanned for any commissions that are still outstanding and are also posted to Current Liabilities. Any unused slips in the gift-certificate/ credit-slip file are summed and are posted here. Any deposits on layaways that have not been picked up are also posted to the Current Liabilities
Memo invoices are not included in the payables liabilities. Memo invoices are those where the invoice number that merchandise is received on starts with the letters MEM.
LONG TERM LIABILITIES*} Any entry in the chart of accounts with an account number above the long-term liabilities cut-off point is entered into the Long Term Liabilities section of the Balance sheet. The default cut-off account is 275, but you can change this from the Chart of Accounts Defaults section on page .
Liabilities other than accounts payable, commissions, credit slips and layaway deposits have to be manually entered by the user either by directly making an entry using the Enter/Edit Chart of Accounts menu choice or by making a General Journal Entry from the Checkbook Transactions Menu.
EQUITY*} Equity is the net worth left over after subtracting the Liabilities from the Assets.