Introduction #
The Assets & Liabilities tab of the Reseller Toolkit allows you to capture things of value owned by the company as well as debt obligations that the business has. This worksheet has two tables: Assets and Liabilities. Anything of value owned by the company goes into the Assets table, while obligations the company owes against go into the Liabilities table.
The use of this worksheet is optional and is only used to populate the Balance Sheet tab. If you use other accounting software or tracking systems, you may not need this tab.
Columns #
Category: This is the class of asset or liability based on the categories you defined in the My Business tab.
Description: A brief description of the asset or liability.
Value or Amount: What the item is worth as at the date recorded, the balance of the account on that day, or the amount owing as of the date recorded.
Date: The date the asset or liability was last checked or when the transaction happened.
Notes #
- Do not remove the “Unsold Inventory” row from the Assets table. It is calculated automatically by totalling the unsold inventory from the Inventory tab (sold inventory is no longer considered an asset).
- For any assets or liabilities where the balance changes over time, keep updating the amount and date in the existing row for that entry rather than creating new rows. As an example, suppose you have a row for a bank account. On February 1, you record the balance as $500. If you check again on March 1 and the balance is $600, you would update the existing row for that account to say $600 on March 1, not create a new row for the updated balance.