WHICH ONES SHOULD I BE LOOKING AT REGULARLY?
Here are a few common reports that most people use but it is up to you to go and “play” in the reporting section of your accounting system and find the reports that suit your business. Once you have found the reports you like you can modify them to suit you.
Profit & Loss – Profit & loss standard report
This report summarises your income and expenses for the month, so you can tell whether you’re operating at a profit or a loss. The report shows subtotals for each income or expense account in your chart of accounts. The last line shows your net profit (or loss) for the month. This type of report is also known as an income statement. To see a list of the transactions that make up an amount, double-click the amount.
Balance Sheet – Balance sheet
A report that summarises the financial position of a business. A balance sheet shows the value of your company’s assets, liabilities, and equity as of a particular day. It is called a balance sheet because the value of the assets is always exactly equal to the combined value of the liabilities and equity. This report will only be relevant to you if you make sure that the balance sheet is kept up to date and accurate, which means accounting for absolutely everything that happens in your business. Some small businesses don’t want to do this, which is fine, however if you don’t there is little point in looking at the Balance Sheet report.
Sales by item summary report
This report summarises your unit and dollar sales, subtotalled by the types of items you sell. Initially, the report shows sales for the current month, but you can change the period of time covered by the report by choosing a different date range.
A/P ageing summary report
This report summarises the status of unpaid bills in accounts payable. For each vendor to whom your company owes money, the report shows (1) what your company owes for the current billing period, and (2) what your company still owes from previous billing periods. The 1-30, 31-60, 61-90, and >90 columns show overdue balances from previous billing periods. For example, an amount in the 31-60 column is between 31 and 60 days overdue. To see a list of the transactions that make up an amount, double-click the amount.