Balance sheet report configuration
A balance sheet summarizes assets, liabilities, and the net worth of the extension council, including
- Checking and investment bank accounts (registers)
- Petty cash
- Other current or long-term asset accounts
- Accounts receivables
- Undeposited funds (received customer payment but not yet deposited)
- Accounts payables and payroll liabilities
- Extension council equity (net worth).
Create balance sheet
- From the menu bar, select Reports
- Select Company and Financial
- Select Balance Sheet standard
- Select the desired ending date.
- Select the Memorize button and save the report in the Memorized Reports list.
Compare the Balance Sheet report with the Funds Class Balance Report each month.
The total on the Funds Class Balance Report should match the Total Checking and Savings total on the Balance Sheet.
If a discrepancy exists, it should be the outstanding payroll liabilities, and the outstanding accounts receivable and undeposited funds amounts, if any.
If the outstanding liabilities, receivables, and undeposited funds do not match the discrepancy, then open the Unclassified Transactions report with the same ending date to locate the error.