11.4 - User-Maintained Balance Sheet Items

-Balance sheet items come in a couple different flavors. You can have both system maintained and user maintained balance sheet items.

-You can have a system maintained balance sheet item. These are things that we can get to and track from the system. For instance running bank account balances, accounts receivable, accounts payable, on hand inventory levels, net profit. We know how all of these show up and we can gather these from the system and automate them onto the balance sheet.

-A user-maintained balance sheet item is something special that the corporation/entity needs to track but the system does not track it automatically. Thus, it is called "user-maintained" and means that all values, subs, line items, and calculations are the responsibility of the users (you and your team). User maintained balance sheet item could be any of the categories or types that are found within a balance sheet - assets, liability, or equity. 

-As far as what the user maintained balance sheet item records as its value there are three possible values to use for user-maintained items. They are the assigned item value, the running value (starting amount plus sum of the line items), and the difference (assigned value minus running).

-These user maintained balance sheet items are special and have a number of options including photo management, sub line items (tie-ins to deposits, invoices, PO's, expense/receipts, and other user-maintained balance sheet items), special math calculations, and their own details page.