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Business Financials – What is the Balance Sheet – An example and definition

images/Business Financials2.jpgOne of the most important parts of working with our clients at Account Keeping Plus, is to educate and help businesses owners and bookkeepers understand what is the Balance Sheet (also known as the Financial Position) and here we give an example and definition.

Definition –

The Balance Sheet gives us a look at a point in time (eg end of month or year) of the assets and liabilities of the business. In other words, it is a picture or summary of what the business has and how it is funded.

There are three areas in the Balance Sheet – Assets Liabilities and Equity -

Assets include bank accounts, petty cash, inventory, debtors or accounts payable, which are also grouped as Current Assets because they turn over in less than 12 months. Long Term Assets show Plant & Equipment and Motor Vehicles.

Liabilities include credit cards and short term loans, creditors or accounts payable, GST, payroll withholding tax, PAYG and super accounts, which are grouped as Current Liabilities as they also turn over in less than 12 months. Long Term Liabilities show business loans and overdrafts, car loans/finance.

Equity is the difference of assets less liabilities. Sometimes known as net worth  or Shareholder Equity.

Example -

The Balance Sheet is similar to a house with a loan.

The house has a value (Asset), say $450,000 and if there is a loan (Liability) say of $250,000 there would be a net of $200,000 which is also called Equity or net worth.

images/Bal Sht like house.jpg

In a similar way, a business reports these as the Balance Sheet -  Assets, less its Liabilities, leaves Equity (Shareholder’s Equity)

images/Bal Sht summary.jpg

Look for future Posts where we will look at important ratios that can be calculated from parts of the Balance Sheet.

What are your thoughts? Call for FREE30min advice / strategy session today! 0407 361 596 Aust

Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 0407 361 596 Australia

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Reckon / Quickbooks – How to customise an invoice in Quickbooks / Reckon

images/ReckonLogo2016.JPGDo you want to change or improve the look of your invoices and statements that are sent to clients? Here’s how to customise or update invoices and statements -

  • In Menu at the top, click (>) Lists
  • > Templates, towards the bottom
  • Double-click the invoice or statement template you want in the list
  • It will open in a window such as -

 images/Reckon Invoice Customise 1.JPG

  • Click Layout Designer at bottom to edit
  • Scroll to area of document to edit and click a box once to select it and the border changes

images/Reckon Invoice Customise 02.JPG

  • Double-Click and the Properties opens
  • Edit the Text, position, Border, etc

images/Reckon Invoice Customise 3.JPG

  • Font click and edit as desired

images/Reckon Invoice Customise 4.JPG

  • Click OK to save
  • OK again and check how it looks on screen
  • To view more in real-time, click OK to leave, the Print Preview at lower RHS
  • Click Zoom in or click on image to enlarge, scroll on RHS up and down
  • Close or Esc
  • If happy, click OK lower RHS, or to continue edit, re-click Layout Designer.

Need help? Not sure? Call for FREE30min advice / strategy session today! Aus +61 407 361 596

and also get FREE “Avoid these GST mistakes” – there’s 18 that the Tax Office see regularly – get them right!”

You can also search for more info you need, click for the list for MORE articles

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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