Introduction
Understanding the financial health of your business is crucial for making informed decisions. One of the most accurate ways to gauge this is by regularly reviewing your company’s Balance Sheet. In Empress, you can easily access, view, and customize your balance sheet to meet your specific needs. This guide will guide you through the process in a user-friendly, non-technical manner.
Introduction to the Balance Sheet Feature in Empress
The Balance Sheet is a powerful feature in Empress that provides a detailed snapshot of your company’s financial status at a specific point in time. It breaks down your company’s assets, liabilities, and equity, offering a comprehensive view of your financial health.
You can customize your Balance Sheet report based on various time periods, including monthly, quarterly, half-yearly, and yearly, enabling you to analyze your company’s financial performance over different periods.
Accessing the Balance Sheet
To view your Balance Sheet, simply:
- Navigate to the Empress sidebar
- Click
Reports - Then click
Balance Sheet
You will now have access to your company’s Balance Sheet report.
Customizing Your Balance Sheet
Empress allows you to tailor your Balance Sheet report using various filters, allowing you to specify the date range and other parameters.
Selecting the Date Range
This filter allows you to choose the type of date range parameter. You have two options:
- Until Date: Choose a specific date until which the report will be displayed.
- Fiscal Year: Determine the financial year range for your Balance Sheet report.
Choosing the Report Interval (Periodicity)
This filter lets you select the interval for which the balance sheet values are calculated. For example, setting the periodicity to monthly will display the balance sheet values on a month-by-month basis.
Applying Date Range Filters
Depending on the date range parameter you have chosen, you can use the following filters:
- Until Date: Specify the ‘To Date’ (the final date until which the report is displayed, by default it’s tomorrow’s date) and the ‘Count’ (the number of periods to be displayed depending on the Periodicity).
- Fiscal Year: Set the ‘To Year’ and ‘From Year’ to select the fiscal year range for the Balance Sheet report.
Consolidating Columns
By selecting this option, you can consolidate all the values for each row and display a single column.
Hiding Group Amounts
By checking the Hide Group Amounts box, you can simplify the report and display only the individual account amounts.
Folding Rows
In the Balance Sheet report, you can click on the rows displaying group accounts to fold all the rows beneath them. This feature helps to declutter the report, allowing you to focus on specific sections.
Conclusion
The Balance Sheet feature in Empress offers a comprehensive, customizable view of your company’s financial health. By understanding how to effectively utilize this feature, you can gain valuable insights into your business operations, helping you make informed financial decisions. For additional support or resources, please visit our Empress Support Hub.