Balance Sheet

Balance sheet report displays the summarized assets, liabilities and equity of your company as of a specified date. It does not report the company’s activities over a certain period of time but provides an overview of what the company owes and owns on a given date.
 
What is more, Codejig ERP enables you to enter two dates to compare how your business has been performing this period against the previous one.
 
In Cedejig ERP, the Balance sheet report adheres to the accounting equation:
 
Assets = Liabilities + Equity
 
Since two sides of the equation must balance out, the balance is by default reported in the following format:
 
Assets are presented first being calculated up to a particular date and summarized in a corresponding column of the report.
 
Liabilities together with equity are presented next also being computed and summarized in the same column.
 
Summarized values must be equal. Otherwise, the Balance sheet is considered unbalanced.
 
So, the major components of the basic Balance sheet report in Codejig ERP are
 
1. Assets
2. Liabilities and equity
 
They both are comprised of multiple accounts of lower levels.
 
For example, assets are organized by current and non-current assets which in their turn can be broken down into two or more subcategories that also contain several asset groups.
 
Liabilities and equity can also be divided into two categories which are Liabilities and Equity. Each category comprises several subcategories that can be also broken down into equity groups and groups of liabilities correspondingly.
 
The exact set of categories, subcategories and groups that organize the balance sheet depends on the selected type of accounting framework. In Codejig ERP, the default accounting framework is represented by IFRS.
 
To see the categories and subcategories of the major components of the balance sheet, you have to drill down within the report.
 
Summarized amounts are displayed at each level of the report and at the grand total level. If no data is available for certain levels, nothing is displayed for them.  While moving to sublevels of the report, total amounts are broken down into the amounts comprising the final total of the higher level.
 
To go to the Balance sheet report report
 
1. On the Codejig ERP Main menu, click the Reports tab.
2. Under the Reports tab, click the Accountant folder, and then select Balance sheet report.
 
 
More information 
Generate Balance Sheet Report
Balance Sheet: Header Area
Balance Sheet: Default Grouping
Balance Sheet: Default Summarizing
Balance Type
Balance Item