Balance Sheet Accounts

Balance Sheet Accounts are ledger accounts that accumulate funds and liabilities into the following 3 level classification:

• Financial Assets
  • Current Assets
    • Cash On Hand
    • Prepayments
    • Accounts Receivable (unpaid Sales Invoices)
  • Non-Current Assets
    • Intangible Assets
    • Investments
    • Fixed Assets
    • Office Equipment
    • Furniture and Fittings
    • Asset Improvements
• Financial Liabilities
  • Current Liabilities
    • Trade Creditors (unpaid Suppliers Bills)
    • Bank Loans
    • Income in Advance
  • Tax Liabilities
    • Employee Accruals (to be paid i.e. Long Service Leave, Superannuation, PAYG tax etc)
  • Other Liabilities
    • Unallocated Funds
    • Equipment Lease Payments
• Financial Equity
  • Retained Earnings
  • Owner's Equity