AGRIMASTER HELP NOTE. Setting up and using Balance Sheets

Transcription

1 AGRIMASTER HELP NOTE Setting up and using Balance Sheets Introduction The Agrimaster balance sheet treats all data in the Agrimaster file as belonging to a single trader in much the same way as the cashbook, budgets and assets and liabilities module. We are not producing accounting or tax reports, just an estimate for private use. This balance sheet release in version 6 will be first edition and not all features are actived. We welcome all feedback on this area of the program and changes will be made based on the feedback we receive. What does a balance sheet mean in simple terms? Tracks the value of your cash and your items, some items go up in value over time (like Land), some items go down in value over time (like Tractors) and some items vary in value over time (Livestock). Balance sheets track the change in value of these items and can tell you what you are worth at any one time. (Total value of your all items) Some initial setup In order to produce a balance sheet report you will need to: 1) Allocate categories (types) to all bank accounts 2) Setup allocations for commodity items 3) Setup Trading Stock module 4) Setup Asset Register module You must configure all these items before you do a balance sheet You can choose to use these features independently Copyright 2011 Pty Ltd All rights reserved. No part of this Help Note may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, electrostatic, magnetic tape, mechanical, photocopying, recording or otherwise, without permission in writing from the author. Page 1 of 8

2 Components of Balance Sheet Cash Book Instalment Tax/GST Payable Bank Accounts Working & Loan Accounts Invoices Accounts Receivable & Accounts Payable Asset Register Trading Stock Balance Sheet 2011 Mastergroup (Aust.) Pty Ltd Page 2 of 8

3 Allocate a categories to all existing Bank Accounts There is a new drop list on the bank account setup window. New and existing user will need to allocate each bank account to one of the following categories. These categories are used in the balance sheet under current or long term assets and liabilities: Working Account Term Loan HP Lease Chattel Mortgage Non cash account The non cash account category is for users who wish to make journal entries and this feature is not working in version 1 Select type of account h Note: By default all existing Bank accounts will be set to Working Account when you update to Agrimaster version Mastergroup (Aust.) Pty Ltd Page 3 of 8

4 Create a Balance sheet Once you have configured you bank accounts, set up your Trading stock control and set up your asset register you can then produce a balance sheet Balance Sheet Categories These are headings under which balance sheet items will be listed and are not user definable. Users can, however, choose which in category each item belongs. Buildings Fixtures & Fittings Goodwill Intangibles Land Livestock Motor Vehicles Other Plant & Equipment Property Trading Stock Balance Sheet The balance sheet report sources information from: 1) Asset Register a) Asset register values at cost b) Asset register depreciation to date c) Asset register liabilities (if selected). 2) Trading Stock total current value. 3) Cash (bank accounts in credit marked as Working). 4) Short term debt (bank accounts in debit marked as Working) 5) Long term debt (bank accounts marked as Term Loan) 6) Accounts receivable from invoicing (old and enhanced). 7) Accounts payable (EFTs etc) 8) GST owed or owing 9) PAYG liability 10) Instalment tax liability Owners equity will be calculated as total assets less total liabilities. To create the Balance sheet 1. Start at the HOME PAGE 2. Click CASHBOOK 2011 Mastergroup (Aust.) Pty Ltd Page 4 of 8

5 3. Click REPORT 4. Click BALANCE SHEET 5. Select the month 6. Click the Green tick 2011 Mastergroup (Aust.) Pty Ltd Page 5 of 8

6 Here is an example of what a balance sheet looks like in Agrimaster: 2011 Mastergroup (Aust.) Pty Ltd Page 6 of 8

7 These are definitions of all the terms you will come across in the balance sheet and where the figures for each of the items come from within Agrimaster ASSETS Items you own that are worth money and you can sell them Current Assets Cash Accounts receivable Livestock Trading stock all assets that can be converted into cash within the next 12 months from the date the balance sheet is generated. total of all your CREDIT balances in your accounts marked as Working Accounts total of all items currently outstanding in invoicing (Debtors) total of all commodities marked as livestock in the trading stock in asset register or trading stock section total of all commodities marked as trading stock in the trading stock in asset register or trading stock section The total of these figures give you the Total Current Assets Fixed assets at cost Plant and Machinery Buildings total of all items in asset register marked as plant and machinery in asset register or trading stock section the total of all items in assets register marked as buildings in Asset register or Trading Stock section Less accumulated depreciation total of all items in assets register that are depreciated regardless of what method is used Total fixed assets net Other assets Intangibles Goodwill Other the total of buildings and plant and machinery minus depreciation this figure includes all items classified as Intangibles in asset register or trading stock section this figure includes all items classified as Intangibles in Asset register or Trading Stock section this figure includes all items classified as Fixtures and fittings in Asset register or Trading Stock section The total of these figures give you the Total Other Assets The total of all items above give you TOTAL ASSESTS 2011 Mastergroup (Aust.) Pty Ltd Page 7 of 8

8 LIABILITIES Items you own but you owe money on. For example, Loans, HP s or Chattel mortgages that you have taken out. Current Liabilities Accounts Payable GST Payable PAYG Payable Instalment tax Payable all Liabilities that need to be paid within 12 Months from the date the balance sheet is generated ALL items in your Cheques, EFT accounts payable section in Agrimaster Based on the GST liability calculated by Agrimaster Based on the tax calculated by Agrimaster Based on the tax calculated by Agrimaster All Tax Liabilities in Agrimaster are calculated up to the latest entries in Transactions, Invoices or Accounts payable Short Term Debt The total of all working accounts that have a DEBIT balance The total of these figures give you the Total current liabilities Long Term Debt Liabilities that need to be paid but are not owed within 12 Months from the date the balance sheet is generated Loans The total of all Term Loan, HP, Lease and Chattel Mortgage accounts that have a DEBIT balance Total Long term debt The total of these figures give you the Total Liabilities Owner s equity How much the business owner owns of the company The total of all items above give you Total Liabilities and equity Relevant Help notes Asset Register Help Note Trading Stock Help Note 2011 Mastergroup (Aust.) Pty Ltd Page 8 of 8