Accounting Accounting Reports
| Accounting Reports |
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| Last Updated on Friday, 11 May 2012 11:49 |
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Balance SheetThe Balance Sheet shows the balances of GL accounts at the end of a given period, displaying the overall standing of assets, liabilities and equity. It will give you information about the organization's financial situation and the chance to identify potential problems. To generate a Balance Sheet go to Accounting > Reports > Balance Sheet > choose the month and year if not the current one > click on Generate Report.
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Profit & Loss (or Income Statement):It shows your organization's revenue and expenses for a specific period of time. The difference between the total revenue and the total expense is your business net income. This report's main purpose is to evaluate if your business has made a profit or a loss. A key element of this statement, and one that distinguishes it from a balance sheet, is that the amounts displayed in the Profit and Loss report represent transactions over a period of time while the values on the balance sheet provide financial information at a given moment. To generate a Profit and Loss report go to Accounting > Reports > Profit &Loss > choose the month and year or a date range > click on Generate Report.
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Trial BalanceShows a list of all the accounts in your General Ledger and its balances for a specified date. A trial balance is usually prepared at the end of an accounting period and is used to see if additional adjustments are required to any of the balances. Since the basic accounting system relies on double-entry bookkeeping, a trial balance will have the same total debit amount as it has total Credit amounts. To generate a Trial Balance report go to Accounting > Reports > Trial Balance > choose the month and year for the report > click on generate report.
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