You can comprehensively manage your balance sheet in Ambrook so you have access to it at any time. Having a balance sheet readily available can allow you to easily present your financials to the bank or potential business partners, allow you to track the outstanding balance of all your liabilities in one place, and have a better understanding of the value of your business.
Adding, editing and removing asset, liability and equity accounts in Ambrook is straightforward, and can be done using the following steps.
Adding Assets, Liabilities and Equity Accounts to Ambrook
You can add balance sheet accounts to Ambrook manually, or via import if you already have them in a spreadsheet or can download them from your previous accounting software.
Adding Accounts Manually
You can add accounts to your balance sheet by doing the following:
Go to the Balances page.
Click New Account.
Choose the type of asset, liability or equity account you'd like to add.
Add the account name, opening date, and opening balance.
Account Name: Whatever will help you remember what the account is or match your other records.
Opening Date: Either the date you're starting your books in Ambrook, or if you acquired the asset or liability after starting your books in Ambrook, the date you bought the asset or got the liability.
Opening Balance: Value of the asset or outstanding balance on the liability as of the Opening Date.
Save the account. It will now appear on your Balance Sheet.
Importing Accounts
You can also import your balance sheet accounts to Ambrook by doing the following:
Go to the Balances page.
Click the dropdown arrow next to New Account.
Select Import Spreadsheet.
Download the Accounts Excel Template and open it in either Excel, Google Sheets, or any other spreadsheet software.
Download your list of assets, liabilities and equity accounts from your existing software and open it in a spreadsheet, or open your existing balance sheet spreadsheet.
Copy your list of account names from your spreadsheet into the Ambrook template in the Account Name column.
Choose the appropriate account type from the Account Type column for each account.
Use the date of the balance sheet you're importing as the Opening Date column.
Use the account balance from the balance sheet as of that date as the Opening Balance column.
Save the spreadsheet as an Excel file (you can do this from Google Sheets as well by going to File -> Download as -> Excel).
Go back to the Balances page in Ambrook and click Upload Accounts Excel.
Editing Assets, Liabilities and Equity Accounts
You can easily edit an account name, account type, opening date, and opening balance for an asset, liability or equity account at any time by following these steps:
Go to the Balances page.
Click on the account you want to edit.
Scroll down to Details.
Click the pencil next to the field you want to edit.
Enter the new value.
Click Save or Confirm to finish.
Deleting or Removing Assets, Liabilities and Equity Accounts
Note: If you want to keep an account on your Balances page, but just show its value as $0, you can click on the account and either edit the starting balance or Adjust Balance to adjust the balance to $0.
You if you want to fully remove an asset, liability or equity account, either for all reports going forward, or completely, you can do so by following these steps:
Go to the Balances page.
Click on the account you want to remove.
Scroll down to the bottom of the menu.
Click Remove Account.
Choose the option based on your desired outcome:
Close Account: Set the account's balance to $0 and exclude from all data going forward, but keep historical data and transaction information.
Delete Account: Completely remove the account and all historical data about the account. This cannot be undone.
Note: If the account is a connected bank, credit card or loan account, you will see different options when you click Remove. With connected accounts, you can:
Hide the Account: Remove all account data from your Ledger and reporting.
Stop Sync: Keep the account data already on Ambrook, but disable future transactions from coming into your Ledger on this account.
If you need to fully delete a connected account from your Ambrook account for any reason, please reach out to our support team for help.