Accounting reports

Balance sheet

Overview

The Balance Sheet presents the financial status of a company using its assets, liabilities and equity. The report presents this for a given moment in time and can be seen as a snapshot of the health of the company.
To access the Balance sheet report:
  1. Go to Accounting.
  2. Click Balance sheet (accrual basis) under Reports.

Report Options

Report options allow you to compare totals across the chosen period. Used with the date range, the report will be built given totals for each chosen period during the start and end times chosen. For example, if quarters are chosen and the date range spans one year, the report will compare columns Q1, Q2, Q3, and Q4 of that year. The options are Total (producing one column), years, quarters, months, weeks, and days.

Period

The period specifies the date range for transactions used in the totals of the report. The last date in the range is considered the “snapshot” date, but the range is used when determining the transactions to include during calculation. This report uses the accrual method of accounting.

Types

You can select one of the following report types: GAAP or IFRS.

Additional Settings

Set up. Additional place to set the time period.
Run report. Creates the report and displays it on the screen.
Print icon. Creates a print preview (using the browser’s print preview window) where you can change the settings and print the report.

Income Statements

Difference Between Income Statement Cash Basis and Accrual Basis

In the Income statement (accrual basis) the system will record and show you everything that you have received and things that you have not received as well.
In the Income statement (cash basis), it will only show you the amounts that you actually received.
For example, you invoice a student for 10,000 rand for 1 year, and this student pays 1,000 every month. If you generate an Income statement (cash basis) in January, you will see that it has only 1,000 rand under the school fee income. But if you generate an Income statement (accrual basis), you will see that in January the accrual basis report has 10,000 rand for school fees.

Accessing Income Statements - Cash and Accrual Basis

To access Income statement (cash basis):
  1. Go into Accounting and click Income statement (cash basis).
  2. Specify the date range.
  3. Click Run report.
To access Income statement (accrual basis):
  1. Go into Accounting and click Income statement (accrual basis).
  2. Specify the date range.
  3. Click Run report.

Drilling Down Income Statements

You might need to find out what each amount in the statement is made of.
To drill down any income statement:
  1. Generate the Income statement report.
  2. Double-click the amount you would like to drill down.
  3. Click Drill down, select Transactions and click Select.
You will see the list of all transactions that make up the selected amount. It will be Payment receipts for Income statement (cash basis) for and Tax invoices for Income statement (accrual basis).
To open the document, double-click it.

Saving and Printing Income Statements

To save an income statement in a particular format:
  1. Generate the Income statement report.
  2. Click the Save icon.
  3. Enter the File name and select the document Type: PDF, Excel, and so on.
  4. Click Ok.
To print an income statement:
  1. Generate the Income statement report.
  2. Click the Printing report result icon.

Trial Balance

To see the effect of the importing document in the general journal, pull a Trial Balance. The bottom section will have all the balance sheet accounts and the user will be able to see the amounts recorded under the Inventory Control Account and Opening Balance Account. If the Generate general journal record checkbox is not selected, the amounts will not be recorded here and in other records.