Balance sheet + Loss and profit report


The Balance Sheet and Loss and Profit Report are presented in the standard accounting format. WizCount issues the report according to the data found in the Balance Code field on the Account Card.

Closing Inventory: This section is used to record the Closing Inventory value. Inventory records in WizCount are made as follows: When inventory-related documents (invoices, purchase invoices, manufacture reports, etc.) are issued, the software updates inventory transactions without updating the inventory value. An inventory value report can be issued at any time, calculating the inventory value for your selected date. An inventory value report is issued at the end of the year or quarter (or any other time), and Journal Entries are recorded accordingly (for the Closing Inventory Card Debit in the Balance Sheet and for the Closing Inventory Card Credit in the Loss and Profit Statement). In addition, the Opening Inventory Journal Entry is recorded at the beginning of the selected period (for the Opening Inventory Card Debit and for the Closing Inventory Card Credit in the Balance Sheet). If these journal entries were recorded for the inventory on the issue date of the report, recording the Closing Inventory Value is unnecessary at this time. However, if said journal entries were not recorded, then it is required to enter the Closing Inventory in this section in order for it to be included in the report. The software does not record a Journal Entry of the Closing Inventory, but only adds the data to the reports.

Include forecasted transactions: Forecasted Transactions are special journal entries, which are excluded from the Account Balance calculation, and recorded for forecasted expenses and income, such as: rent to be paid in the coming months, customer orders, etc.

Print percentage distribution: Select Yes to print for each clause the clause percentage of the Balance Sheet total or Loss and Profit Statement total. This way, you can see, for example, the proportion of each expense out of the total sum of expenses.

Print balance sheet ratios: Balance Sheet Ratios indicate the ratio between balance clauses. The software prints all the standard balance sheet ratios.

List accounts for each clause: Select Yes to print the Account Cards and corresponding Balances list for each clause. For example, the Customer clause list includes the balances list of all customers.