Setting up your balance sheet

By 10 November, 2022 Accounting, Configuration

You have decided to use only one system for your company’s accounting and would like to have all your accounting operations consolidated at Collabox? So you need to configure your balance sheet in Collabox.

Preliminary step

Before preparing your balance sheet, make sure your transactional accounts, budget items and payment methods are set up properly. Don’t hesitate to ask your accountant or the Collabox team members for help if you need it.

Setting up your balance sheet

Each company’s balance sheet is customized according to its operations and needs.

First go to the main menu “Accounting”.

Select the “Balance sheet configuration” option in the left-hand menu.

You will see the general template of a balance sheet. It includes current assets, fixed assets, current liabilities, long-term debt and equity. Using an example of a past balance sheet as a starting point is a winning solution for setting up your Collabox balance sheet.

Add a new item to the balance sheet by giving it a balance sheet section, a number and a name. Then, select the associated transactional account and choose the desired balance type.

Often, tax transaction accounts are a combination of transaction accounts (M), while accounts payable are an account balance (A).

Finally, head to your final assessment. Select the desired end date of your assessment and observe your results!

Watch several videos on our Youtube channel and visit our Tips and Tricks section in the Documentary Blog to continue using the Collabox!

If you have any questions, please contact us and we will be happy to answer you. (418) 907-9274 ext. 120