Magaya Software Accounting Manual

BALANCE SHEET
• The Assets section summarizes current and fixed assets such as Accounts
Receivable, bank accounts, cash, etc. If you own inventory items, they will
show here as assets.
• The Liabilities section summarizes current liabilities such as Accounts
Payable, loans, credit cards, etc.
• The Equity section shows the equity for the company (total assets minus
total liabilities). The Retained Earnings line is from the Net Income of the
previous years (it is money reinvested into the company). In Magaya software,
the closing of the year is done automatically. The Net Income line is
from the beginning of the current fiscal year up to the report end date.
In the Balance Sheet summary view, you can compare time periods to analyze
difference between months or between fiscal periods. Click the Configure
button and go to the Columns tab to set the report period.
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