Statement of Financial Position

The Statement of Financial Position (balance sheet) shows your assets, equity and liabilities as at one date. It counts every posting from the very first one up to the end of that day.

Steps

1. Open the statement and choose the date

   In the menu on the left, select Reports, then Statement of Financial Position. It opens straight away for today.

   

   1. As at: the date of the statement. Postings up to the end of this day count.
   2. Compare to prior period adds a second column. A Prior as at (optional) date appears. Leave it empty and WbizManager picks the date for you: the previous fiscal year end when your as-at date is a fiscal year end, otherwise the same date a year earlier.
   3. More Filters › Dimension limits the statement to one dimension value (or All Values of that dimension). Reset to Default removes the dimension filters.
   4. Apply reruns the statement with the new dates. Dimension filters apply as soon as you pick them.
   5. Warnings about your setup. Fix them before you rely on the split between current and non-current.
   6. Negative values: show negatives as Cr, - or in brackets.
   7. Export saves the statement as an Excel file.
   8. Each group opens to show its categories. Select the arrow to fold it.
2. Check the totals

   Scroll down for the liabilities and the totals.

   

   1. Total current liabilities, Total liabilities and Total equity and liabilities. The last one must equal Total assets.
   2. Working capital: total current assets less total current liabilities.

   If the two totals differ, a red line says This statement is out of balance by …. That points to a posting problem, not a display problem: check the Journal Register for batches that do not balance.

How the figures are worked out

Figure	How it's worked out
An asset account	Debits less credits of every posting up to the end of the as-at date.
A liability or equity account	Credits less debits.
Accumulated depreciation	Measured like the other assets (debits less credits), so it is negative and reduces the assets it belongs to.
A group (for example Cash and Bank)	The sum of its categories; a category is the sum of its posting accounts. Groups are listed in account code order.
Current or non-current	The setting on the group in Chart of Accounts › Statement Mapping. With no setting: a name with "non-current" or "long-term" is non-current, a name with "current" is current, then codes starting 12 or 22 are non-current and 11 or 21 current. Anything still unknown goes to Non-current assets or Current liabilities (the cautious side) and is named in a warning.
Retained earnings	Profit from every closed year (before the start of the current fiscal year) is added to the Equity account marked Use as Transfer of Net Profit account.
Profit/(Loss) for the Period	Revenue less expenses (including cost of sales) from the start of the current fiscal year to the as-at date, shown as its own line under that account's group.
Total assets	Total non-current assets + total current assets.
Total equity and liabilities	Total equity + total non-current liabilities + total current liabilities.
Working capital	Total current assets less total current liabilities.

If something looks wrong

What you see	What to do
Bank accounts or stock under Non-current assets	Set those groups to Current in Statement Mapping.
A large negative Working capital	Usually the same cause: current assets placed as non-current.
The comparison column is all zero	No postings existed by the prior date, or the prior date is before your opening balances.
A figure differs from the Trial Balance	The trial balance's Closing Bal. for the same end date must agree account by account. Retained earnings differ only in how this year's profit is shown.

Related reports

• Statement of Profit or Loss: the profit that appears here as Profit/(Loss) for the Period.
• Trial Balance and General Ledger: the accounts behind each line.
• Cash flows and changes in equity.