Just a thing that could be presented better. The Fixed Asset Report should match the figures on the Balance Sheet Report. This is a standard reporting requirement in some countries, and this one in Manager does not match unless you “pull out your calculator and check”. The Fixed Asset Report needs a column for the accumulated depreciation with a total at the bottom rather than subtracting it from the final cost column. It also needs to add last years purchase cost into this years purchase cost so that the report has one column that shows all the original purchase values with a total at the bottom. These two columns are what show on the Balance Sheet and they must match.
The overall reports are both correct but without using a calculator you can’t tell that they are correct immediately. See illustration below.
It is not clear why you expect these reports to match. The Fixed Asset Summary shows movement during a period asset by asset. The Balance Sheet shows account balances at a certain date. Depending on which control accounts assets are assigned to and where their depreciation is allocated, it can be the case that no column total on the first report matches any account balance on the second.
Following on from @Tut, in simple terms, the Fixed Asset Summary shows a Period while the Balance Sheet, rightly so only shows the until date. So therefore what you suggest would not be realistic.
For those who missed the reasoning … Just a thing that could be presented better. The Fixed Asset Report should match the figures on the Balance Sheet Report . This is a standard reporting requirement in some countries.
Just to be clear we are talking about the FY end documents and their presentation. The annual period is shown in the sample reports. Now when these reports are compiled at FY end it would make it easy and obvious to the business owner to see the connection / input the Fixed Asset Summary Report makes / has with the Balance Sheet ie. The Fixed Asset Summary could also show the Total Fixed Assets at cost and Total Accumulated Depreciation in say a column. Other accounting software does this out of the box. Not sure why control accounts are brought into the mixed as the example given is very simplistic to demonstrate the short coming / improvement that could be introduced to the Fixed Asset Summary report.
The Balance Sheet representation is perfect as it is.
I do not see where your problem is. From your Balance sheet, if I subtract Fixed assets, accumulated depreciation of 8,385.43 from Fixed Assets at cost 44.657.93 then it gives a closing balance of 36,372.5 similar to the closing balance in the Fixed Asset Summary (bottom right).
Indeed the Total -Assets adds the Total-Current Assets of 4,486.98 to get to a total of 40.859.48
Well done - Exactly you should not have to do calculations as I pointed out in first post. All what is being suggested is those numbers could be reflected on the Fixed Asset Summary Report like other accounting programs and make it obvious to the business owner to see the “connection” and how those numbers arrive on the balance sheet.
As mentioned it is accurate so not sure what the case is that you are making. All is presented as it should in the Balance Sheet Report and in the Fixed Asset Summary report as shown. So guess case closed.
Yes you could have three lines of totals, Total Cost, Total Accum. Depreciation and the existing Total WDV but most businesses would have grouped their assets under separate control accounts (e.g. Land & Buildings, P&E, MV, etc) so the extra totals will then not match the Balance Sheet.
Yeah I am having trouble expressing the issue, sorry… I will try again . The numbers in “Green” shown on the Fixed Asset Summary clip in post 1 would be great if shown somewhere in the Fixed Asset Summary report. This will essentially show how the balance Sheet arrives at the numbers presented in its report. Ultimately a comprehensive set of financial reports that tie in nicely together (without calculator action).
The overall reports are both correct but without using a calculator you can’t tell that they are correct immediately. See illustration in post 1.
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I’m not sure if this is hijacking of the topic here, but I think certain other reports such as Tax Reconciliation and definitely Custom Reports could use this as well.
