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 Accounts page.
Click New Account.
Choose the type of asset, liability or equity account you’d like to add.
Add the account name, starting date, and starting balance.
Account Name: Whatever will help you remember what the account is or match your other records.
Starting 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.
Starting Balance: Value of the asset or outstanding balance on the liability as of the Starting 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 Accounts 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 in the Opening Date column (your Starting Date).
Use the account balance from the balance sheet as of that date in the Opening Balance column (your Starting Balance).
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 Accounts page in Ambrook and click Upload Accounts Excel.
Editing Assets, Liabilities and Equity Accounts
You can edit an account’s name, type, starting date and starting balance at any time. Go to the Accounts page and click the account. In the account details, each field you can change is clickable. Click the current value to edit it.
Renaming an account
Go to the Accounts page and click the account.
Click the account name.
In the Edit Account Name dialog, enter the new name and click Save.
Connected bank or credit card account? You can also rename it from Settings → Connections: click the three dots next to the account, choose Rename, enter the new name and click Save.
Note: System accounts (Accounts Payable, Accounts Receivable, Cash on Hand, Outstanding Checks, Undeposited Checks and your Ambrook Wallet) and closed accounts can’t be renamed. You also need permission to edit accounts.
Changing the account type
Go to the Accounts page and click the account.
Click the current account type.
In the Edit Account Type dialog, choose the new type from the dropdown and click Save.
Changing the Starting Date or Starting Balance
Go to the Accounts page and click the account.
Click the Starting Date or the Starting Balance amount.
In the Edit Starting Date and Balance dialog, enter the new values and click Save.
Each account has its own Starting Date, so you can set one account earlier than your other accounts or your books start date. This is useful when an account’s first statement starts a few days before your books do. If you change the Starting Date, update the Starting Balance to the balance on the new date. For a connected account, Ambrook pulls in transactions for any added dates if your bank provides them.
Closing or Removing Accounts
When you’re done with an account, for example a bank account you’ve closed, a paid-off loan or a cancelled credit card, close it rather than deleting it. Closing keeps your history and removes the account from future reports. Deleting removes the account and all of its history, and can’t be undone. For steps, which option to choose, and how to reopen a closed account, see Closing or Reopening an Account.
Connected accounts also offer Hide and Stop Sync. See the same article for details. If you need to fully delete a connected account, reach out to our support team.
FAQ
Can I create sub-accounts, like individual vehicles under a “Vehicles” account?
No, balance sheet accounts in Ambrook can’t be nested under a parent account. To keep related accounts grouped together, give them a shared number prefix, for example “001 - 2019 Ford F-250” and “002 - 2021 Kubota UTV”.