[GNC] Does anyone produce a "UK balance sheet" (FRS 102) ?

[Adrian Yong]

Apologies, my complaint was about General Leger...

On Sat, Dec 11, 2021 at 5:02 PM Adrian Yong <adrianyong.88park at gmail.com>
wrote:

> Hi David,
>
> I asked for the same thing but was told that since entries are made using
> the double entry system, Assets = Liability + Proprietorship is complied
> with...
>
> I download the transaction report and used that as a basis to generate my
> balance sheet using excel... Those accounts without transactions in the
> accounting period will have their balances brought forward ie. Equity...
>
> Regards,
> Adrian
>
> On Sat, 11 Dec. 2021, 11:42 Dr. David Kirkby, <
> drkirkby at kirkbymicrowave.co.uk> wrote:
>
>> I realise this is not something the developers can realistically do, but I
>> wonder if anyone has configured GnuCash to produce a balance sheet that
>> looks like one that would be submitted to Companies House in the UK? (I
>> attached a copy of mine, without obfuscating it, since the data can be
>> found online at Companies House).
>>
>> Whenever I pick up a book on accounting, it normally shows something like
>> this.
>>
>> 1) Adds up all the fixed assets, and gives a total for fixed assets.
>> 2) Adds up all the current assets, and gives a total for current assets
>> 3) Adds the fixed and current assets to get a total of *all *assets
>>
>> That all seems very logical to me.
>>
>> *But a balance sheet submitted to Companies House does not show the total
>> assets.* One would have to get a calculator out to work them out, by
>> adding
>> the fixed assets and current assets.  I thought this very weird, and
>> perhaps just a bizarre way my accountant produces the balance sheet, so I
>> checked another UK company. That was exactly the same. The balance sheet
>> is
>> prepared in accordance with FRS 102. That's a 404 page document
>>
>>
>> https://www.frc.org.uk/getattachment/69f7d814-c806-4ccc-b451-aba50d6e8de2/FRS-102-FRS-applicable-in-the-UK-and-Republic-of-Ireland-(March-2018).pdf
>>
>> with numerous amendments (some related to coronavirus). Realistically,
>> that's only going to be readable by someone with a good knowledge of
>> accounting - not an engineer/scientist like me. So I did not bother
>> looking
>> at that.
>>
>> Looking down the balance sheet for my company I see the following in order
>>
>> 1) Tangible Fixed Assets
>> 2) Current Assets
>> 3) Creditors amounts falling due within one year.
>> 4) Net current liabilities (that's equal to #2 - #3)
>> 5) Total assets less current liabilities (that's #1 + #2 - #3)
>> 6) Provision for liabilities  - I can't work out how that's calculated,
>> but
>> I see it is of uncertain timing and amounts. I guess I should ask my
>> accountant how he came up with the figure. (*With the usual disclaimers,
>> does anyone know whether that would be sensibly listed in GnuCash as a
>> liability, despite its only an estimate?*)
>> 7) Net assets (I can't work out how that's arrived at)
>> 8) Shareholders - same as net assets.
>>
>> I think I will write myself a computer program, that tries every
>> combination of figures to arrive at others. I think if I add every
>> combination, I will get there eventually. I have a computer with two
>> 26-core CPUs and 384 GB RAM, so I should just about have enough computer
>> power. 😂
>>
>> I'm thinking there's a good chance that someone in the UK has decided to
>> make his/her balance sheet the same, despite it seems rather obscure.
>>
>> Dave
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