Quick Start Manual

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Manual

Intro
BizFusion Trial
User Interface
Contacts Module
Products Module
Discount Rules
Inventory Module
Sales Module
Purchase Module
Bills & Receipts
Projects
Subscriptions
Credit note / Returns
VAT Module
VAT over margin
European Trade
Foreign Trade
VAT Shifted
US Sales Tax
VAT Correction
Manufacturing
Assets Module
Current Account
Accounting Basics 1
Accounting Basics 2
Accounting Advanced
Year End
Owner Equity
Income Tax
Banking Module
Payments
Loans
Financial Lease
Cross Payment
CSV Statement
Data Import
Data Export
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Accounting Basics 1


We will discuss the Start Balance, Balance Sheet and the
Profit & Loss Statement.




Balance Sheet


What is a balance sheet? A balance sheet is a moment in time.
It shows what a company owns (assets), its debts (liabilities)
and the amount of money the owner invested (capital/equity).

Go to: 'Accounting > Balance Sheet' to view your balance sheet.

Why do you need a Balance Sheet?
The short and simple answer: your balance sheet shows the financial
health of your company.

E.g. a bank requires you to show a balance sheet before they approve a loan application.
They can use the balance sheet to see if your company has any other debts (liabilities).
Based on this information they can grant or deny your loan application.




Start Balance


Most freelancers and small businesses start from scratch.
That's why they don't need to create a start balance sheet.
Your start balance is simply a sum of all your assets, liabilities and equity
at the start of your company.

If you took over a company or started a company with capital or assets,
then you do need to create a start balance sheet.

Note, you don't have to immediately create your start balance when you start using BizFusion.
You can create a start balance at any time, just make sure that you
create your start balance before closing your first fiscal year.

Contact support if you need help with entering your start balance sheet.

Go to: 'Accounting > Start Balance' to view your start balance sheet.

You can fill the start balance sheet by creating 'start entries'.

Go to: 'Accounting > Start Entry'

Example Start Entry


The example shows that the owner put 9000 euro as start capital into the company.




Start Balance Setup


Once you start entering start balance transactions, you will notice
that the start balance setup (SBS) account will also contain a value.
The SBS account is an equalizer account that makes sure that your
start balance sheet is properly balanced. An amount on this account signals
that your start balance isn't complete.
The amount on this account needs to be zero before you can close your fiscal year.

Contact support if you need help with setting up your start balance.




Profit & Loss Statement


Your profit and loss statement shows the profit or loss that the company
made within a certain period.

Your balance sheet is for external reporting, it gives external stakeholders
insight into the financial stability of a company.
But you should never provide the details of your P&L results to the outside world.
Your competitors can gain valuable insight from this information.

Go to: 'Accounting > Profit & Loss'

You can click on the name of an account to see the detail of the amount.

Note that financial institutions, like banks, only need high level P&L data to
e.g. approve bank loans. You can use the 'End Result' report for this information.

Go to: 'Accounting > Reporting > End Result'.



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