When you use our Balance Sheet feature there are several categories that must be present.
The following categories/accounts must be present for the Balance Sheet feature to function correctly. During setup we will go through this for you, but it's still useful to know.
- The Operational Bank Account - in Budgyt we use just one bank account. If you have more than one, we will map all your accounts into this primary account when you import actual data.
- Accounts Receivable - In this case Budgyt may use multiple A/R accounts if you need them. The default is the one to which all your revenue accounts will initially be mapped, but as you go through the setup you will be able to direct different revenues to different A/R accounts.
- Inventory - Cost of Goods Sold is initially set to automatically reduce inventory so this account needs to be there.
- Prepaid Expenses - This is the default amortization account for your expenses. Again, you may use multiple accounts here if needed.
- Property, Plant, and Equipment - this is your Fixed Asset default (and as with all other accounts, it may be renamed). Again, you may have multiple Fixed Asset accounts, each of which will be mapped to an Accumulated Depreciation and Depreciation account.
- Accumulated Depreciation - required for the above.
- Accounts Payable - similar to A/R, the default A/P account will be the initial target of all expense account entries.
- Deferred Revenue - the opposite of Prepaids
- Retained Earnings - this will be programmatically filled based on previous Net Income entries.