Balance Sheet Summary
What is Balance Sheet Summary?
XoroSoft's Balance Sheet Summary in the Reporting module provides a comprehensive view of your company's financial health at a specific moment in time. It encompasses assets, liabilities, and equity, crucial components in understanding your business's overall financial position.
It also offers enhanced flexibility for financial analysis. You can generate reports spanning multiple periods, allowing for comparisons of values over time. This feature is invaluable for tracking financial trends and making informed decisions.
Navigating to the Balance Sheet Summary in the Report Library module initiates a streamlined process. Upon selection, a pop-up window prompts you to choose the Reporting Template. Opting for the Balance Sheet Summary template and clicking on Print Preview directs you to a dedicated window displaying the report.
Within the Balance Sheet Summary Report, you'll encounter essential details such as Bank Name, Undeposited Funds, Accounts Receivable, Inventory, Prepayment, and Other Current assets. These categories offer insights into your company's financial holdings and obligations.
The report's layout is structured into three columns: Account Name, Amount, and Foreign Amount. Under these columns, values are categorized into Assets, Liabilities, and Equity, providing a clear breakdown of your financial standing. Clicking on any amount within a specific account type opens up a detailed view, offering deeper insights into each account's composition and significance.
The Account Name section encompasses various accounts representing Assets, Liabilities, and Equity, further aiding in dissecting your financial data. The Amount and Foreign Amount columns display the corresponding values for each account, facilitating a comprehensive understanding of your company's financial landscape.
Selecting Reporting Template
After choosing the Balance Sheet Summary option, you'll be prompted to choose a document template. Select the report template from the "Select Document Template" dropdown to open the report.
Balance Sheet Components
XoroSoft's balance sheet is structured into three fundamental categories: assets, liabilities, and owner's equity, each providing essential insights into the financial standing of your business.
Assets: Assets represent the resources owned by your business that possess monetary value. These are typically arranged in order of liquidity, indicating how quickly they can be converted into cash or utilized for operational purposes. Current assets are those expected to be converted into cash within a year, including:
Money in a checking account
Money in transit (funds being transferred from another account)
Accounts receivable (funds owed to your business by customers)
Short-term investments
Inventory
Prepaid expenses
Cash equivalents such as currency, stocks, and bonds
Liabilities: Liabilities denote your company's obligations to external entities. They are organized based on their due dates, with current liabilities due within a year and long-term liabilities extending beyond a year. Common examples of current liabilities include:
Accounts payable (amounts owed to suppliers for goods or services purchased on credit)
Wages owed to employees for work performed
Loans requiring repayment within a year
Taxes owed to government authorities
Equity: Owner's equity represents the portion of the business's assets that belong to the owners, excluding liabilities. It is calculated as the difference between total assets and total liabilities. Owner's equity reflects the ownership stake and cumulative contributions made by the owners towards the business's capital.
The Balance Sheet Equation: The core principle of the balance sheet is captured in the fundamental accounting equation: Assets = Liabilities + Owner’s Equity This equation ensures that the value of assets is balanced by the combined value of liabilities and owner's equity. Any change in assets must be reflected in either liabilities or owner's equity to maintain equilibrium, highlighting the financial health and stability of the business.
Fields(Detailed Overview) and Interactive Elements
When you interact with the Balance Sheet Summary Report, you gain access to detailed information by clicking on specific values or columns within the report. For instance, clicking on the Amount column corresponding to the Account Type "Bank" initiates a popup window displaying comprehensive details related to the Bank account.
These details encompass various aspects such as Transaction Number, Transaction Type, Date, Account Name, Entity Name, Reference Number, Store, and Amount.
Txn Number
This numerical value serves as a unique identifier generated by XoroERP for referencing purposes within transactions. It plays a crucial role in distinguishing and pinpointing a specific transaction within the comprehensive list of transactions associated with the chosen Account Name.
Txn Type
This represents the Transaction Type, a categorization that helps differentiate between various transactions listed under a specific account name. Transaction types encompass a range of actions such as Transfer Funds, Journal Entry, Refund Customer Deposit, Bank Deposit, and more. Identifying the transaction type aids in understanding the nature and purpose of each transaction within the system.
Date
This displays the date when the transaction took place, indicating the specific moment when the financial activity occurred within the system.
Account
This shows the name of the Account.
Entity Name
This is the name of the entity associated with the selected transaction.
Store
This is the name of the store associated with the transaction.
Amount
This section presents the monetary value associated with the chosen transaction, indicating the precise amount involved in the financial activity under consideration.
Furthermore, within this detailed view, you can explore individual transactions by clicking on specific lines associated with Transaction Numbers. This action leads you to a journal view of the transaction, providing a deeper insight into the financial movements within the selected account.
Within the journal view, you can review the Debit and Credit entries associated with that particular transaction, facilitating a granular analysis of financial data and transactional activities.
Period
XoroERP offers users the flexibility to choose the timeframe they wish to analyze in the Balance Sheet Summary Report. Positioned at the right corner of the Balance Sheet Summary interface, there is a dropdown menu containing various options. This menu allows you to tailor the date range according to your preferences, enabling a customized view of the summary report based on specific periods.
Balance Sheet Summary Report Header Icons
Refresh: This allows you to refresh the search results after changing the search criterion.
Toggle Print View: This feature enables you to switch the display mode specifically for printing the report. When activated, it adjusts the formatting and layout of the report to optimize its appearance when printed out.
Toggle Parameter Area: This functionality enables you to switch the parameter area's visibility, located on the right side of the Balance Detail Sheet Window. Toggling this setting allows you to show or hide the parameter options, giving you more control over the display and customization of the balance sheet details.
Download: This versatile feature allows users to export and download data in various file formats, providing a summarized overview for quick reference. Options include CSV, TXT, MS-Word, MS-Excel, PDF, and MS Excel (.xlsx), catering to diverse user preferences and use cases.
Advanced Search: The Advanced Search option elevates customer information retrieval to a sophisticated level. Users can delve into a nuanced search by specifying criteria facilitating precise and tailored searches.
Zoom In and Zoom Out: These features in XoroERP's reporting module allow users to adjust the view of the report according to their preferences. Zooming In increases the size of the report elements, making them easier to read and analyze, while Zooming Out decreases the size for a broader view. These options are particularly useful when dealing with detailed reports or when users need to focus on specific sections of the report.
Toggle Full Page Width: This feature enables users to toggle between displaying the report at its full page width or adjusting it to fit the screen width. When toggled to Full Page Width, the report expands to utilize the entire width of the viewing area, ensuring that all elements are fully visible and enhancing readability. On the other hand, toggling off Full Page Width may be useful for viewing multiple reports simultaneously or when a narrower view is preferred for better organization of the workspace.
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