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How does the Schedule III Balance Sheet Report data get populated in QuickBooks

Schedule III balance sheet data gets populated based on the account type & detail type mapping in the back ground. The mapping of the accounts are done as under :

Balance Sheet Schedule III Mapping
Schedule Item (Account) Type Detail Type / Mapping Drill Down
I. Equity and Liabilities
1. Shareholder Funds
a. Share Capital Equity
Accumulated Adjustment
Ordinary Shares
Owner's Equity
Paid-in Capital Surplus
Preferred Shares
Share Capital
Treasury Sales
b. Reserves and Surplus Equity
Profit of the year (Clicking on this amount will take to Profit & Loss Account)
Retained Earnings
Others
Opening Balance of Equity
Equity in Earnings of Subsidiaries
Other Comprehensive Income
Other Free Reserves
Capital Reserves
Funds
Organisational Costs
c. Money received against share warrants Equity
Money received against Share Warrants
2. Share application money pending allotment Equity
Share application money pending allotment
3. Non-current liabilities
a. Long-term borrowings Non-Current Liabilities
Long term Debt
Notes payable
Shareholders Notes Payable
Liabilities Related to assets held for sale
Long Term Borrowings from Related Parties
b. Deferred tax liabilities (Net) Non-Current Liabilities
Deferred Tax Liability (Net off DTA if less than DTL)
c. Other long term liabilities Non-Current Liabilities
Accrued Non-current Liabilities
Accrued Holiday Payable
Other Non-current Liabilities
d. Long-term provisions Non-Current Liabilities
Long Term Provisions for Employee Benefits
Other Long term Provisions
4. Current Liabilities
a. Short-term borrowing Current Liabilities
Loan Payable
Line of Credit
Short Term Borrowings from related parties
Credit Card
Credit Card
b. Trade Payables
i. Outstanding Dues (MSME)
ii. Outstanding Dues (Non-MSME)
iii. Uncategorised trade payables
c. other current Liabilities Current Liabilities
Current Portion of Obligation on Finance Leases
Other Current Liabilities
Dividends Payable
Insurance payable
Current Liabilities
Payroll Liabilities
Prepaid Expenses Payable
Rest in Trust - Liability
Client trust Accounts
Duties and Taxes
d. short-term provisions Current Liabilities
Income Tax Payable
Short Term Provisions
Accrued Liabilities
Short Term Provisions for Employee Benefits
Dividend Disbursed
II. Assets
1. Non-Current Assets
a. Fixed Assets
i. Tangible Assets Fixed Assets
Buildings
Furniture and Fixtures
Leasehold Improvements
Machinery and Equipment
Land
Vehicles
Other Fixed Assets
(Accumulated Depreciation)
Non-Current Assets
Assets held for sale
Lease Buyout
ii. Intangible Assets Fixed Assets
Deplete-able Assets
(Accumulated Depletion)
Non-Current Assets
Intangible Assets
Goodwill
Licences
(Accumulated Amortisation)
iii. Capital work-in-Progress Fixed Assets
Capital Work-in-Progress
iv. Intangible assets under development Fixed Assets
Intangible assets under development
b. Non-Current Investments Non-Current Assets
Long-term Investments in related entities
Other Long Term Investments
c. Deferred tax assets (net) Non-Current Assets
Deferred Tax Asset (Net off DTL if less than DTA)
d. Long-term loans and advances Non-Current Assets
Long term Loans and Advances to related parties
Other Long Term Loans and Advances
e. other non-current assets Non-Current Assets
Security Deposits
Other Long-term Assets
2. Current Assets
a. Current Investments Current Assets
Short Term Investments in related parties
Investment - Other
b.Inventories Current Assets
Inventory
c. Trade receivables Accounts Receivable
Current Assets
(Allowance for Bad Debts)
d. Cash and cash equivalents Bank
Cash and Cash Equivalents
Cash on Hand
Current
Savings
Client Trust Account
Money Market
Rent-Held-in Trust
Other Earmarked Bank Accounts
Current Assets
Undeposited Funds
e. Short-term loans and advances Current Assets
Employee Cash Advances
Loans to officers
Loans to others
Loans to Share Holders
Short Term Loans and Advances to related parties
f. Other current assets Current Assets
Development Costs
Assets available for sale
Other Current Assets
Prepaid Expenses
Retainage

NOTES:-

  • If you see **Unidentified liabilities** or **Unidentified Assets** account listed in your Schedule III Balance Sheet, it could be because the account type is not mapped with the schedule III balance sheet line items. To fix this issue change the account type of the accounts listed as Unidentified liabilities or assets to the account type based on the above table. The amount from that account will start showing up in the correct line in the schedule III balance sheet.
  • If you have all your Accounts Payables balance is shown under Uncategorised trade payables, make sure that you have Outstanding Dues (MSME) and Outstanding Dues (non-MSME) accounts are created. Once the accounts are created, pass a journal entry by debiting the Accounts Payable account (select the supplier names) and crediting the Outstanding Dues (MSME) or Outstanding Dues (non-MSME) account (select supplier names for these accounts too).

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