📑 Financial Reports
Financial Reports Overview
Financial reports transform your raw transaction data into meaningful insights about your business's financial health. Think of reports as the story your numbers tell - they show you whether you're profitable, where your money is going, and how your business is performing over time. These reports are essential for making strategic decisions, securing financing, and meeting regulatory requirements.
Why This Matters
Without financial reports, you're essentially running your business blindfolded. You might be busy and making money, but you have no way to know if you're actually profitable, if you're about to run out of cash, or which parts of your business are performing well. Financial reports provide the visibility you need to:
Make informed business decisions
Secure loans and investments
Plan for taxes
Identify trends and opportunities
Measure performance against goals
Prerequisites
Sufficient transaction data (usually 1+ months)
Properly categorized transactions
Accounting module access permissions
Step-by-Step Instructions
1. Access Reports Center
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Click "Accounting" in the left navigation
Select "Reports" from the dropdown menu
View the organized report dashboard
2. Financial Statements Reports
Income Statement (Profit & Loss)
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Shows revenue, expenses, and net profit over time
Use to understand profitability and performance trends
Select date range and generate report
Balance Sheet
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Shows assets, liabilities, and equity at a specific point in time
Use to understand overall financial health and net worth
Generate as of specific date
Cash Flow Statement
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Shows cash inflows and outflows by category
Use to understand liquidity and cash management
Essential for managing day-to-day operations
3. Client Reports
Accounts Receivable Aging
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Shows outstanding invoices by age (0-30, 31-60, 61-90, 90+ days)
Use to identify collection issues and cash flow problems
Focus on overdue accounts
Client Balance Summary
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Shows total invoiced, payments, and balances by client
Use to identify your most valuable clients
Monitor client credit limits and payment patterns
Client Payment Performance
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Analyzes how quickly clients pay their invoices
Use to identify reliable vs. slow-paying clients
Adjust credit terms based on payment history
4. Vendor Reports
Accounts Payable Aging
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Shows outstanding bills by age and vendor
Use to manage payment schedules and supplier relationships
Avoid late fees and maintain good supplier relations
Vendor Balance Summary
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Shows total billed, payments, and outstanding balances by vendor
Use to track payment obligations and manage cash flow
Identify major suppliers and payment patterns
5. Detailed Accounting Reports
Account Balances
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Shows all accounts with starting, debit, credit, and ending balances
Use for detailed account analysis and reconciliation
Essential for month-end closing procedures
Trial Balance
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Lists all accounts with debit and credit balances
Use to verify that debits equal credits (books are balanced)
Essential for accounting accuracy and audits
Account Transactions
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Detailed transaction history with running balances
Use for research and detailed analysis
Essential for audit trails and troubleshooting
6. Generate and Export Reports
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Select desired report type
Set date range and filters
Click "Generate Report"
Review results on screen
Export to CSV or PDF for sharing and record-keeping
Tips and Best Practices
Run Reports Regularly: Monthly reports help you spot trends early
Compare Periods: Compare current period to previous periods for insights
Export for Records: Keep copies of important reports for your records
Use Reports for Planning: Let reports guide your business decisions
Review with Professionals: Share reports with your accountant or financial advisor
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