Overview:

To generate the Balance Sheet Report in Zumzum Financials, navigate to the Financial Reports tab and select the Balance Sheet option. Enter the desired date in the Period To field to include results up to that date. Click Run Report to view it on the screen, and select Export to Excel to download it as a spreadsheet.

Current Year Profit & Loss is automatically calculated from all revenue and expense transactions in the current fiscal year and appear on the Balance Sheet up to the selected date. To verify, run the Profit and Loss Report.

Retained Earnings/Profit is updated automatically, transferring the Current Year Profit & Loss at the end of the fiscal year. The value includes all transactions plus any manual journal entries posted to the Retained Earnings/Profit account.

Generate The Balance Sheet Report in Zumzum Financials

1. Navigate to Financial Reports tab in Zumzum Financials.
2. Select Balance Sheet option on the Financial Reports page.
3. in the Period To field, enter the date you wish to use. The report will only return the results up to the specified date.
4. Select Run Report to view the results on the screen.
5. You can save the results of the report if you wish to do so by selecting Export to Excel, this will download the report as a spreadsheet.

How is The Current Year Profit & Loss Calculated on The Zumzum Financials

Current Year Profit & Loss on the Balance Sheet is automatically calculated from all revenue and expense transactions in the current fiscal year.  The results of the Balance Sheet report are returned for the date selected in the “Period To” field.

You are able to confirm the value of the Current Year Profit & Loss by running your Profit and Loss Report from the Financials Report tab.

How is The Retained Earnings/Profit Calculated on The Zumzum Financials

Zumzum Financials is a date driven system, with real-time reporting so does not require any specific procedure to transfer the Current year Profit & Loss to the Retained Earnings/Profit account.

Current Year Profit & Loss will automatically show up as Retained Earnings/Profit.  So for example, if you are viewing the Balance Sheet for 2016 on the 31st March 2016, which happens to be your year end date, you will see all the profit from the beginning of your current financial year presented on your Balance Sheet as Current Year Profit & Loss.  If you view your Balance Sheet on the 1st of April 2016 (the first day of your new fiscal year) and no transactions have been posted, you will see the Current Year Profit & Loss show zero as the balance has automatically transferred to the Retained Earnings/Profit balance.

The value of the Retained Earnings/Profit account on the Balance Sheet is calculated from all revenue and expense transactions in Zumzum Financials + any transactions posted directly to the Retained Earnings/Profit account, e.g. via manual journals.