Balance Sheet (Schedule III)
Your balance sheet in the layout the law prescribes for your country, with the same date one financial year earlier beside it. Bizconnekt offers it only where your business unit's country has such a format. Today that is India, where the formats are Schedule III and the non-corporate format of the ICAI. In other countries the card does not appear and you use the Balance Sheet.
Quick look
- Go to Reports › Business Reports and click the Balance Sheet (Schedule III) card. The card carries the name of your unit's default format.
- Type an As at date, or pick a Time Period. Leave both empty for today.
- Click Run Report.
- Read any red or amber notice above the table before you print.
Done. You see the statutory balance sheet with this year and last year side by side, and a warning if it does not balance.
Full guide
What it shows, and when to use it
Use it for annual accounts, audits and filings, where the headings must follow the statutory format. Each account in your chart is placed under one heading of the format, and each heading is a line with a Note number. It reads the same postings as the standard Balance Sheet, grouped under the statutory headings.
Filters and date
Click the filter button beside Run Report to show or hide the filters.
Fields in this section
| Field | Required | What to enter |
|---|---|---|
| Reports | No | Switch to another Business report. |
| Time Period | No | Today, This Month, This Quarter, This Year, Previous Month, Previous Quarter or Previous Year. The sheet is as at the last day of the period. |
| As at | No | Type a day, or leave it on Today. Picking one clears the other, and if you pick both the period wins. |
| Format | Only if your country has more than one | Choose another statutory format. It is shown above the table, next to the links. |
With nothing chosen the sheet is as at today. The previous column is the end of the financial year before the one your date falls in; the financial year starts in the month set in your business unit settings. The report is for the business unit you are working in.
Columns and how the figures are worked out
Fields in this section
| Column | What it shows |
|---|---|
| Particulars | The statutory headings and, under them, the lines. Click the arrow on a line to open the accounts that make it up and their amounts. |
| Note | The note number of the line in the format. |
| Current column | The figure as at your date. |
| Previous column | The figure as at the end of the previous financial year. |
- Each account is the total of its debits and credits up to the date, and goes to the heading that your mapping places it under. Where an account is split by balance side, a debit balance and a credit balance can go under different headings.
- A dash means nothing on that line.
- Every column uses the placement in force on the date you chose, so last year's column is regrouped like this year's.
- A caption under the table repeats the two dates.
- Documents dated before your go-live date are not in the books; a line says so when your unit has a go-live date.
Notices above the table
- The balance sheet does not balance (red). It names the difference and the column. It usually means an account has not been placed.
- Please review (amber). It lists Accounts that could not be placed with their amounts, and a link, Review where accounts are placed, to Schedule III Headings. Accounts placed only by their type are also flagged here.
- If there is nothing to show, the table says "There is nothing to show for this date."
Links above the table
Where accounts are placed opens the headings page for this format. Statement settings opens the signatories, auditor and accounting policies used on the PDF.
Sorting and drill-down
The statement keeps the order of the format, so it has no sort, column chooser or pager. The arrow on a line is the only drill-down: it lists the accounts in that line. Accounts do not open an Account Statement from here.
Export and PDF
Icons appear above the table once there is data: Export to Excel, Download PDF and Download annual accounts (PDF). The first two hold the whole statement with both columns.
Before the PDF downloads, a dialog Signatures on the statement opens. In it:
- Signatories: tick Print for each person, and enter Designation, Name and ID no. You can Add signatory or Remove one.
- Place of signing and Date of signing. The date is used for this print only.
- Auditor: tick Print the auditor's block, then enter Firm name, Firm registration no., Partner name, Membership no., Place and UDIN. The UDIN must be 18 letters or digits, and characters 3 to 8 must match the membership number.
- Include Note 1 (significant accounting policies) adds your accounting policies after the statement.
- Save as defaults for this business unit keeps the names for next time. Saving needs Add/Edit on Business Reports, or a tenant admin. The date and UDIN are never saved.
Click Download PDF in the dialog to finish.
Notes to accounts
Under the statement a collapsible Notes to accounts section holds the notes the lines refer to. Open it to read them; it loads when you first open it. Each note is titled "Note n" with its tables. A note that does not agree with its statement line is marked Does not tie, shown rather than hidden. Some notes have a Fill in link where a figure must be entered by you. If the figures change after you opened it, the section says "Notes are out of date - refresh". Where a format has no notes yet it says so.
Amounts in, and annual accounts
Before a download the Amounts in dialog opens, when your statement can be printed in more than one unit. It is titled Download PDF, Download Excel or Download annual accounts (PDF) after what you chose. Pick the unit under Amounts in, then click Download or Cancel. The unit is chosen each time, is not saved, and the screen stays in the base currency. If the units cannot be checked, the file downloads in the base currency and a message says so.
A third icon, Download annual accounts (PDF), sits beside the PDF and Excel icons. It prints the balance sheet and the profit and loss together with the notes, in one PDF. It is greyed out when the format has no matching pair, and the page then says annual accounts are not available for this format. Where the format includes it, a Statement of Changes in Equity is printed with them.
Who can see it
Open the report with View on Business Reports. Without it the report list shows a No Access page. Business Reports has only View and Add/Edit. A report changes no record, so Add/Edit makes no difference to viewing. It is needed to change headings on Schedule III Headings, the signatory defaults and the accounting policies.
On mobile
The mobile app lists this card but cannot show it yet; the report opens empty. Use the web app. Same on iPhone and Android.
The Android app is on Google Play. The iPhone app is coming soon to the App Store.
Problems and fixes
It says the balance sheet does not balance
An account with a balance has no heading, or two headings are wrong. Open Review where accounts are placed, place the accounts in the list Accounts that could not be placed, and run the report again.
I cannot see this card
It appears only where your business unit's country has a statutory format. Check the country of the unit you are working in.
The two columns have different headings for the same account
They should not: both columns use the placement in force on the date you chose. If you changed a heading with a later start date, run the report for a date after it.
The report page says No Access
Your role does not have View on Business Reports. Ask an administrator to turn it on.