This week has again been slow in terms of development. I have implemented the Profit and Loss report and (almost finished) the Balance Sheet, however, we received some pretty abrupt notice that we need to move house so things have been crazy while I have been helping prep for our move next week so there may be very little to add next week as well.
Profit and Loss Report
Example Profit and Loss Report
The profit and loss report shows the values that make up the Gross Profit and the Operating Expenses, the Net Profit is then calculated as the Gross Profit less the Operating Expenses. This value can then also be used in the Balance Sheet
Balance Sheet
Example Balance Sheet (incomplete)
The balance sheet takes the Accounting equation of:
Assets = Liabilities + Owners’ Equity
and changes it slightly to:
Assets – Liabilities = Owners’ Equity
Which in the end balances just the same. The issue I am having currently, however, is that I am getting confused with how to calculate the remaining portion of the Equity section in the Balance Sheet. Depending on where I decide to go with the rest of the project I will get in touch with Sandra to organise a meeting and discuss this once I have settled into my new house.
Starting the Report
Looking at the remaining timeline for the semester is getting pretty scary now, with the Journal due in just under 4 weeks and the Report due the following week, not to mention the Poster being due the week after!
In light of this, I am considering my options with my remaining time. Originally, I had planned on having completed the work on developing my app and adding test data by the end of the “break” (from classes), leaving the remaining time to work on my Report and Poster.
Currently, my application does meet the initial brief in terms of making triple bookkeeping entries and providing the absolute basics of bookkeeping (some of the extra reports are not fully complete, however, they were not part of the original brief anyway). What is missing is the test data. I did want to include at least one full month of test data, and this may still be possible, but it would put me very close to the due date of the Report and I don’t know if I want to do that.
With my app semi-complete and not really proving the concept that I set out to prove, I am feeling a bit lost with starting my report as things have changed quite a lot since writing my proposal.
I also feel a bit lost amongst the excitement, stress, and general chaos and confusion associated with moving house and I feel that once we have settled in the new house I will be able to put a more solid focus on my project again.
However, I have started drafting out the report sections and layout, along with adding a few paragraphs and notes here and there.
Goals for Next Week
I will hopefully move house successfully next week and that will be a big goal, although not related to the project directly, getting that done will help me focus more. I will also aim to start writing more seriously on the report while I ponder what to do regarding the test data and any further development.
Corben Ferris 