Assets

Assets is the root of the first branch of the chart, numbered 1000, and it is a group: nothing is ever posted to it directly. Its figure on the Balance Sheet is the sum of three children, Non-Current Assets, Current Assets and Temporary Accounts, which in turn total the ledgers beneath them. Everything the business owns or is owed lives under it: bank, cash, stock, customer dues, prepayments, fixed assets and investments. The root type Asset tells every account below it that a debit increases the balance and that it belongs to the Balance Sheet, not the Profit and Loss. If Assets do not equal Liabilities plus Equity, a fiscal year is missing from the filter.

Assets = Non-Current Assets + Current Assets + Temporary Accounts = Liabilities + Equity.

1. 01Go to Accounts Setup > Chart of Accounts; Assets is the first root shown.
2. 02Expand it to see Non-Current Assets, Current Assets and Temporary Accounts and their children.
3. 03Click Assets and View Ledger: the balance is the sum of every ledger beneath it.
4. 04Open Financial Reports > Balance Sheet for the fiscal year; the Total Asset line is this figure.
5. 05To post anything, pick a ledger account under it, never the root.

Never post here. Choose a ledger account beneath it, such as Cash, Debtors or Furniture and Fixtures, on your Sales Invoice, Payment Entry or Asset.

Yatra For Fun's Balance Sheet shows Assets as the sum of cash and bank Rs 25,68,160, stock Rs 4,50,000, the chairs, the laptop and other children.