BALANCE SHEET BASICS! (KNOW YOUR NUMBERS)

If you are looking to know more about your business numbers, the Balance Sheet report is one of the most important documents to understand! In this video Dan runs through the basics, and how it can help understand exactly where your business is right now.

Topics include:

What is a Balance Sheet uk
What is a Statement of Financial Position
Balance sheet tricks and tips
Balance sheet explained
Balance sheet excel
Balance sheet in small business
Balance sheet tutorial
Business finance
How to read a Balance Sheet

… and more!

If you have any questions on this, please comment below.

You can see more about what we get up to on the following:



#accounting #businessaccounting #knowyournumbers #balancesheet

[annaearl]

Oh my goodness. Came across these videos today, as need to file my company accounts. Needed advice on all the terminology within the Balance Sheet. This is an absolute gem! Going to work my way through lots of your other videos now re being self employed, as so much to learn! Huge thanks.

[timclappison]

Hi there, great videos! I wish I’d seen some off them earlier in business! Is it possible to do a video on a trial balance sheet? Thanks

[S_Rahmans]

cleared a lot of stuff thanks. one thing confused about is the selected balance sheet date, do we show the figure before that or everything up to the current time. foe example show only show the tools/shares we bought before the date or every that we have at the date of submitting

[elbaddaboom]

Great video!
How would a larger director's loan account be represented in the Total Capital and Reserves section if the amount was greater than the year earnings, and therefore making the total amount negative - for example if director's loan was 10, 000 instead of 1500?

[healthvsfatigue]

Great video, can you give example of how we can incorporate this into a weekly practice please

[danicollier]

Should my current assets align with my incomings on the P&L if I have no other liabilities / debts / money due?

[ianwebster]

Thanks for video, makes more sense now. If I'm a sole trader do I carry forward any retained earnings to the following year or do I just balance it off with drawings?

[freespiritkaro]

Fantastic, so simple - Thank you !

Question please: Is it ok from a tax perspective for a company to reimburse the director for expenses later than after one year ?
Empooyee / director reimbursements are a „current liability” (usually due within 1 year) and loans are „long-term liability” but what if the co hasn’t got the money yet to refund the director - is it ok to repay them whenever the co eventually starts making profit (in the case of a sole director ltd co) ?

Putting those expenses through as a reimbursement just makes things simpler to track for the future but perhaps those expenses should be marked differently in the accounting software when one knows they won’t be repayed within one year… ?

Thank You !

[bentona]

Hi, Great video. I purchased a course for my ltd companies use when first started setting up with own money as directors loan to company for a few thousand and also put a few thousand in my business bank account again as directors loan.
I have not yet traded however I believe that these would count as significant transactions and therefore I need to file micro accounts and cannot file dormant ones?
Also the course cannot be resold but still has value as resource, information etc... is it counted as an intangible asset or fixed asset? i.e. would you enter it in fixed asset section on micro accounts for companies house and if so how do handle depreciation for something that cannot be resold but has different kind of value would you simply fill in what was paid for it or put 0 if it cannot be resold or something else?
thank you

[darylg]

Thank you for this! One thing that I get confused with is when you see something like "Net Liabilities: (500, 000)". My understanding is the brackets mean it's a negative number if a Liability is already a negative isn't it? Or does that mean in this example they're actually 500, 000 in profit because it's a negative liability?!

[rossolancer]

Just one quick question, as a start up sole trader, I would need some working capital. Can I loan money to myself and then repay it as a tax offset?

[syedameerhamza]

Hello there, I have a question. How do we adjust the pension expense that we pay for our director every month from our income so that he can have that money when he will be retired? How do I consider that money in the Balance sheet because I believe that's going to be our Asset that we are going to use in some years' time? Appreciate in advance for your valuable answer. Thanks

[naazimahmed]

Hi Is it possible for you to share this spreadsheet?

[shimulahmed]

I'm a bit confused where it says 'Net current (liabilities) - 11, 400' and 'Total assets less current liabilities' could you explain a bit further please

[mesco]

How do you balance if you have no liabilities? I buy all my material to make income?

[hart_fit]

You referred to an asset as a ‘thing that you owe’ - surely this is misleading?