Net Worth Report 

Your Net Worth Report is a financial tool that shows your financial position at a given point in time.  It is like a snapshot that shows the dollar value of what you own (your assets) and the dollar value of what you owe (your liabilities).

Before generating your net worth report, you need to allocate fair market value to your asset accounts.  In AgExpert Accounting, there are two types of assets you need to look at – general assets and capital assets.

For general assets, you will click Chart of Accounts on the left navigation panel.

Click on the general asset account you want to assign a fair market value to.

The edit screen will open from the right-hand side.  Scroll to the bottom and enter the current value of the asset account.

Save the changes.  Continue with this process until you have assigned all assets with a fair market value.

Next, you will want to deal with your capital assets.  In your chart of accounts, click on the asset class you want to update fair market value for.

You will not be able to assign a current value to the asset pool itself.  Instead, you will click the current value to open a second fly out screen.

This second screen will give you a list of all capital assets in the capital asset pool that currently exist in the system.  You can assign a current value to each individual asset, which will total as a current value for the pool itself.

Once you have assigned values to each of your capital assets, you can save the information.  Repeat this process for all capital asset classes that you currently own capital assets in.

You do not need to assign current values for bank accounts – the current value of the account will be used as the dollar value to pull into the net worth report.  If you need to update your inventory values, you can do so using the inventory adjustment screen.

Once your current values are assigned, click Reports on the left navigation panel.

Click Net worth in the Financial section.

Your net worth report will generate based on the information you have entered for your current values. 

You can change the date of the report at the top, which will affect bank account and inventory balances.

Last updated on August 18, 2021 by FCC AgExpert