What are assets? Assets are all the resources that a company owns, both tangible assets and intangible (liquid or monetary) assets. Assets consists of fixed and current assets. With fixed assets, think of assets that are in your company for the long term such as investments. Current assets, on the other hand, only remain in your company for a short period of time, at most about a year. In Gekko, the amount of assets is a sum of your balance bank account, cash & money equivalents, accounts receivable, and investments. In the text below we explain how the assets in Gekko are structured.
For starters, the first line of assets contains your balance bank account, this is based on the balance of your bank account linked to Gekko. Fortunately, you don't have to pay much attention to this, because this data is automatically copied if your bank account is connected to Gekko.
Cash & money equivalents
The next line is cash & money equivalents. To be frank, this can consist of the money that you have in your pocket, in your cashier, or even underneath your mattress. For this line you can manually enter all other monetary assets that are not yet specified in Gekko. It is not always required to enter something in this field. It is therefore best to check this field as one of the last things on your balance sheet.
The accounts receivable field (still to be received) consists of the money to which you are still entitled to, that has not yet been paid to you. Accounts receivable includes customers to whom you have sent an invoice, but whose invoices have not yet been paid.
The last thing that fall under your assets are investments. Investments are large expenses that you depreciate or write-off. For example, this can be a computer or a machine. Investments often fall under your tangible and fixed assets.