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How to fill the balance of the organization

Before drawing up the balance sheet, organizations conduct preparatory work, which includes an inventory of property and liabilities and clarification of account balances, making adjustments to the value of assets and liabilities, creating funds and reserves, identifying the final financial result, drawing up a working statement including all corrective entries. All these procedures are carried out in the formation of the annual balance sheet. The remaining balances are compiled on the basis of book accounting data.
The procedure for drawing up the balance is strictly regulated. If there are no indicators for its individual items or items of other forms of financial statements, the corresponding lines are crossed. In the form of the balance sheet developed by the organization itself, such lines can be generally excluded.
If the indicators of income, expenses, assets, liabilities or business transactions are significant, and without them it is impossible to properly assess the financial condition of the organization, then they are presented separately.If each of the indicators individually is not significant and can not affect the opinion of interested users of financial statements, they can be cited as a total. But at the same time in the explanations to the balance should be their disclosure.
When drawing up the balance sheet it is necessary to remember that the information indicated in it at the beginning of the year must correspond to the data at the end of last year. Reporting date for the preparation of the balance is the last calendar day of the reporting period. All items of the balance sheet must be confirmed by the inventory data of assets, liabilities and calculations.
In the balance of the organization, assets and liabilities are recorded in accordance with the maturity (redemption) period: short-term and long-term. Short-term assets and liabilities are those whose circulation period does not exceed 12 months from the reporting date. The remaining assets and liabilities are considered long-term.
The balance sheet is compiled on the basis of these accounting registers: turnover balance sheets, journals, orders, auxiliary statements. They in turn serve to form the main book.

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