How to Fill Financial Statements in the Company Overview?

The best thing about this application is that you can manage your company profile in one place without any trouble.

Here is a step-by-step guide on how to view or edit the details in a company’s financial statements.

Here are the steps to follow:

Step 1: Log into your Eqvista account and select the company account. 

On the dashboard, click on “Company” on the left side and a drop-down menu will appear. From the drop-down menu, select “Profile”.

Step 2: Here, you can see all the details of the company. Then, click on the “Edit” button on the right side of the page.

Note: This page has three sections: Company Profile Overview, Authorized Shares Overview, and Financial Statements. To learn about the various sections in detail, check out the support article here!

Note: The financial statements are based on the default template. Kindly update the numbers with your actual finance data.

Step 3: Then, you will be redirected to the page where you can begin the process of editing the financial statements. The statement includes a Profit & Loss and a Balance Sheet.

PROFIT AND LOSS

You begin by selecting the year in the calendar. If you want to create for the previous year, click the “Previous Year” and fill in the details.

Then, begin by filling in the details of Profit & Loss:

Note: To add New Expenses, Income, and Other Expenses, click on the “+” sign on the left side below it.

• Revenue: It is the income generated from normal business operations, determined by multiplying the number of units sold by the average sales price.

Revenue = Number of Units Sold x Average Sales Price

• Cost of Sales: The costs related to the manufacturing goods or services produced by the company. It is calculated by adding the cost of goods sold and other direct costs incurred to produce and sell the product.

Cost of Sales = Cost of Goods Sold + Shipping Costs + Commissions + Warranties + Returns + Other Direct Costs

where Cost of Goods Sold = (Beginning Inventory + Purchase) – Ending Inventory

• Gross Profit: The profit after deducting the costs of manufacturing and selling products or services. It is calculated by deducting the cost of sales from revenue. 

Gross profit = Revenue – Cost of Sales

• Expenses: An expense is a cost that a company incur in running their operations. It is deducted from revenue to calculate profit.
• Other Income: The income generated from activities that are not related to the business of the company. It includes dividend income, foreign exchange gain, insurance settlements, etc. 
• Other Expenses: The expenses that do not relate to the business of the company. It includes rent, utilities, wages, salaries, maintenance, depreciation, insurance, tax, etc.

BALANCE SHEET

Similarly, you can fill in the details of the Balance Sheet of the financial statements. You begin by selecting the year in the calendar. If you want to create for the previous year, click the “Previous Year” and fill in the details.

Next, fill in the details of the Balance Sheet:

Note: To add New Current Asset, Non-Current Asset, Current Liability, Non-Current Liability, and Shareholder Equity Type, click on the “+” sign on the left side below it.

• Current Assets: All company-owned short-term assets that can be converted to cash such as stock inventory, cash and cash equivalents, etc.
• Non-Current Assets: Company’s long-term investments that cannot be converted to cash easily. It includes property, plant, and equipment. 
• Current Liabilities: These are the company’s short-term financial obligations such as accounts payable, short-term debt, dividends, notes payable, etc.
• Non-Current Liabilities: A company’s long-term financial obligations such as long-term loans, lease obligations, bonds payable, etc.
• Shareholder Equity: It represents the net worth of a company and the amount shareholders would receive if total assets were liquidated, and all debts were repaid.

Shareholder Equity = Total Assets – Total Liabilities

After filling out the details, you can save the information by clicking on the “Save” button.

To know more about Eqvista, check out our support articles and knowledge base. For further queries, get in touch with us!