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Scan 65 – P&L P&L Income COGS – as things get sold, inventory goes down, & COGS goes up GP Expenses Net Profit Scan 88 – P&L Complex: Assets: - Cash - A/R - Fixed Assets Liabilities: - A/P - A/P loan Equity: - Capital - Net - Retained Revenue: COGS: Expenses: Net: Scan 102 – Balance Sheet & P&L Simple: Assets: - Cash - A/R Liabilities: - A/P Equity: - Capital - Net earnings - Ret earnings At end of Step 1: - Assets = $1,000 - Equity = $1,000 At end of Step 2: - Assets = $685 - Liabilities = $150 - Equity = $685 - Ret earnings = $-150 At end of Step 3: - Assets = $1,335 - Liabilities = $150 - Equity = $1,210 - Ret earnings = $-25 P&L - Revenue - COGS - Expenses - Net Earnings Receipts/Requests Pmts Invoices Pmts Scan 109 & 110– Balance Sheet Brainstorming (Please see scan in photo gallery) Scan 111 & 112 – Balance Sheet Balance Sheet: Assets = Liabilities + (Shareholders) Equity OWNED - If Inventory - A/R (could be very small) - If Pre-Paid Items - If Equipment - If Property - Cash (banks etc.) o Part of ?? o Bank owes the company o Assets (owned) OWED - A/P (could be very small) – bills, payroll, etc. - (Loans, debt – Long Term if Real Estate Etc.) - (Debt) Liabilities - Investments – owners %’s (ned to pay) - Shareholder’s Equity - Current YTD Income - Total Income - Depreciation Balance Sheet OWNED - A/R - Property - Buying Promise OWED - A/P - Long Term Debt - Buying Scan 113 – Balance Sheet 2 Main Locations - (2) Balance Sheet - (3) Income Statement 3 Main Locations on the Balance Sheet - (2) (2) Assets - (2) (3) Liabilities - (2) (4) Equity Money coming in – deposit types and destinations IS/Revenue/No Sales Income BS/Assets/Bank All deposit types affect cash or bank account in the end: - Special orders – invoice - Deposit on existing inventory – invoice - Refund – income statement - Credit - Shareholder/investment – balance sheet - Loans – balance sheet - Donations/contributions – balance sheet - Sales – invoice - General/other – invoice Scan 118 & 119 – Balance Sheet – Capital Paid In (Please see scan for layout/sketches in photo gallery) 1. Capital Paid In: 1.a. Create new balance sheet item or choose from existing items: Create new item – link to add form: - List of Items: 1, 2, 3, … o Name o Start Amt o Running Amt o Start Date o Status o Placement Add/Edit Form: - Id: New or actual id - Store: - Date - Starting Value: - Item Name: - Item Description: - Type: (Capital Paid In) - Status: - Show Item Subs: o Date o By o Amt o Desc o Inv # o Dep # o Rec # o [edit] - Show item history o Date o Flag o Notes o Person 1.b. Create a new deposit. This is like a sub step and maybe accessed via link or as part of a new item transaction. We should already have most of the deposit info. Pass it along. Prompt for money type, bank, and deposit type. Sample Deposit Form: - Bank: - Money Type: - Deposit Type: - Lock & verify: (checked means yes) - Special notes Once the deposit gets created, add a balance sheet sub item to record the transaction. This includes who, when, how much, and what deposit. *Add some special notes to the simple deposit page. This includes things like what to do if the bank account starting balance already includes that deposit amount. Also, what to do if it is an actual deposit and prompt for locking and verifying once it hits bank. **Maybe auto lock and verify the deposits Scan 120 – Balance Sheet – New Asset (Please see scan for layout/sketches in photo gallery) 2. New Asset – Cash Purchase 2.a. Create new balance sheet item (Asset) or choose from existing items Create New Item – link to add form List of Items: 1,2, … - Name - Start Amt - Running Amt – this will include sums of sub – depreciation if applicable - Sale Amt - Start Date - Depreciable - Period - Term - Rate - Accum – from sub table, only depreciation - Dep – from sub table, only depreciation - Pmts – from sub table, only depreciation - Plus links [edit] & [new transaction] Add/Edit Form: - ID: new or actual id - Store: - Date: - Starting Value: - Item Name: - Item Description: - Type: New Asset – Cash Purchase - Depreciation: Yes or No - Period: N/A, Monthly, Annually - Term: (number of periods) - Rate: (starting value / term) - Show Item Subs - Show Item History Scan 121 – Balance Sheet Balance Sheet: Assets: - Cash - Inventory o Parts - A/R - Fixed Assets o Building o Equipment - Long Term Receivables Total Assets: Liabilities: - A/P o Parts - Long Term Payables o Building o Loan Equity: - Capital - Retained Earnings - Net Income Scan 122 – Balance Sheet Ideas for Balance Sheet Actions: - As I build this list it may be out of order. When making for real – List by category and by frequency of use. - Add an “other account” section that is super flexible and requires manual action for 2nd step. - Include full text descriptions of basic A/R’s and how they are virtual and accomplished through operations. Include basic payables & describe the process. Also, show an entry for chart of accounts and how we use expense and deposit types. Transaction Type – Description – Action(s) Required 1. Capital Paid In: a. Funds paid in by owners or shareholders. The money gets deposited into a bank account. Cash goes up and equity goes up. i. Create a new balance sheet item or add to an existing item. ii. Create a special deposit to put money into the bank. 2. New Asset – Cash Purchase: a. New Asset (property, plant and equipment, or fixed asset). Purchased with funds from bank account. Amount paid in full. Assets goes up and cash (bank account) goes down. Depreciation options available. i. Create a new balance sheet item or add to an existing item. ii. Create a special expense/receipt for money spent from bank account. 3. New Asset – Credit Purchase: Scan 124 – Balance Sheet Balance Sheet: Assets: Inventory, Bank Balances, Equipment, Property, Accounts Receivable, Capitalized Investment, Pre-paid Items, Liabilities: Accounts Payable, Floorplan, Short Term, Long Term debt, Payroll, Equity: Shareholder, Scan, Shores, Stock, Investment, Pro-rata, Retained Earnings, Current Profit, Distributions Currently we have e/r’s and d’s that have amounts in them – Loc is B.S. – Special Expense or B.S. – Balance Sheet Item Assets: All go in whatever order, but most of the time - Cash - Inventory - Property - Pre-pays - Invoice o Line item xyz - PO o Line item xyz Liabilities: - A/Payable - Short Term - Long Term Balance Sheet Item: - Types?? - Property – Purchase Price, Payments (Principal) - Equipment – Purchase Price, Depreciation - Pre-pay – Paid, Expensed per month Short Term: - PO o Main o Line items o Payments Long Term: - PO o Main o Line items o Payments Deposits = E/R’s + Cash Customer – tax, discount E/R & D Types – Vendor Scan 125 – Balance Sheet New Model: Fully Owned: - $10,000 initial deposit - $6,000 delivery van - -$6,000 pmt for delivery van – this just reduces cash Partially Owned: Partially Owed: Fully Owed: - $10,000 initial deposit Classic Model: - Assets: o $10,000 initial deposit - Liabilities: - Equity: o $10,000 initial deposit/paid in capital Scan 126 – Balance Sheet Tables Balance Sheet Tables & Layout (Please see scans in photo gallery) Balance Sheet Items: - B – id - Corp - Store - Date in - Date out - Status - Name - Desc. Chart of Accounts: - Type - Starting - Sale $ - Dep - Dep period - Dep term - Dep rate Balance Sheet Subs: - Sub id - Corp - B –id - Date - By id - Amt - Desc. - Inv # - Dep # - Rec # (E/R) Scan 127 – Balance Sheet Balance Sheet: Assets: - Inventory: o Types & Categories • Specific Units • Vehicles • Trailers • Topper • Parts - Receivables o Bank Balances o Short Term A/R’s • Unpaid invoices • Get max invoice • Sum everything up to that • Sum all payments up to the max that were made before the use date o Long Term A/R’s - Property & Equipment Liabilities: - Inventory: o Types & Categories: • Specific Units • Vehicles • Trailers • Topper • Parts - Payables: o Short Term A/P’s • Splits • REI’s • PO’s • Sum all normal expenses o Normal splits • Main • Subs Added – short term A/R’s Scan 129 – Balance Sheet Balance Sheet: - Assets: o Cash/Bank Account – put bank name here o Accounts Receivable o Other Current Assets o Fixed Assets o Other Assets o Accumulated Depreciation - Liabilities: o Accounts Payable o Other Current Liabilities o Long Term Liabilities - Equity: o Capital o Other Equity - Special Expenses: o Balance Sheet Items – inventory – Put inventory type or make here o Reimbursements – Reimbursements – Employees - Special Income: o Investments o Loans o Donations/Contributions Not all accounts are physical. Some accounts are pulled from other areas such as A/R’s, A/P’s, cash, etc. This makes it tough to make assignments unless I make special groups for known system use. Scan 130 – Balance Sheet – Categories, Group, Sub Groups Balance Sheet – Categories, Group, Sub Groups Categories: BS – Balance Sheet: - Asset - Liabilities - Equity - Special Deposit - Special Expense IS – Income Statement: - Deposit - Expense Groups: - Assets: o Cash/Bank Account o Accounts Receivable o Other Current Assets o Fixed Assets o Other Assets o Accumulated Depreciation - Liabilities: o Accounts Payable o Other Current Liabilities o Long Term Liabilities - Equity: o Capital o ?? o ?? - Income: o Aaah… o Sales o Special Deposit o Credit o Banks & Interest o Investments o Loans o Donations/Contributions Sub Groups: (Expenses might need sub groups) - Expense: o Semi-Fixed • Postage • Supplies • Travel • Utilities This might even be too many! Scan 132 – Balance Sheet Possible Balance Sheet Items: Action - $ - Quick - Initial Deposit - $1,000 o Balance Sheet Item – for $1,000 • Capital goes up $1,000 o Deposit for $1,000 • Cash goes up by $1,000 - Buy a Building - $35,000 o Balance Sheet Item for building - $35,000 – Asset o Balance Sheet Item for building loan - $35,000 – Liability - Order Inventory - $200 o Assets (inventory) parts – goes up by $200 o Short Term Payables goes up by $200 - Get a Loan - $5,000 o Cash goes up by $5,000 o Liabilities goes up by $5,000 - Make some payments on building & inventory o Building - $500 • Cash goes down by $500 • Liabilities on building goes down by $500 o Inventory - $200 • Cash goes down by $200 • Short Term Payables disappear and go down by $200 - Pay Owners - $1,000 o Cash goes down by $1,000 o Causes net income to go down by $200 - Pay Down Loan - $500 o Cash goes down o Long Term A/P goes down - Buy New Equipment - $700 o Cash goes down by $700 o Fixed assets goes up by $700 - Get payments on sales - $5,000 o Cash goes up by $5,000 • Income goes up by $5,000 o A/R goes down by $5,000 • COGS goes up by $200 - Loan Some Money - $3,000 o Long Term A/R’s goes up by $3,000 o Cash goes down by $3,000 - Sell the Building - $40,000 o Long Term A/P’s goes down by $34,500 • Fixed Asset goes down by $35,000 • $5,500 goes to cash o On Income Statement: • Income goes to $40,000 • COGS goes to $34,500 • Net profit is effected by $5,500 - Buy Another Building - $50,000 o Fixed Asset goes up by $50,000 o Long Term Liabilities goes up by $50,000 - Pay Sales Staff - $1,000 o Expenses go up by $1,000 o Cash goes down by $1,000 - Pay Government Taxes - $500 o Expenses go up by $500 o Cash goes down by $500 Scan 141 – Balance Sheet Balance Sheet Notes: Unit Date – If old w/ • If line, items are applied at a later date they need to show up as a system maintained item. (Labor may be a problem) • Can’t remove line items from unit automatic Scan 160, 161, 162, 163, & 164 – Balance Sheet Research From Wikipedia – Balance Sheet Info: including an example of a start-up business (Please see scans in photo gallery) |