Financial Reports

From Ledger to Tax Filing

Go to Accounting > Reporting > Tax Report. Every tax-relevant transaction, grouped into the boxes/lines your tax authority's return actually asks for (tax collected on sales, tax paid on purchases, net due).

Using It

1. Select the tax period matching your filing frequency (monthly/quarterly/annual, depending on your jurisdiction).
2. Review each tax grid line — click through to the underlying invoices/bills if a number looks off.
3. Export or use the figures directly to complete your official return.

Tax Lock Date

After filing, set a Tax Lock Date (Settings > Invoicing > Fiscal Periods) up to the filed period's end date — this prevents anyone from later editing a transaction that's already been reported to the tax authority, which would make your filed return and your books disagree.

Multi-Jurisdiction Businesses

If you operate across regions with different tax rules, fiscal positions (see the Accounting course's "Fiscal Positions" article) determine which taxes apply to which transactions, and this report reflects that automatically — you don't need to manually separate transactions by jurisdiction.

The Detail Behind Every Summary Report

General Ledger

Go to Accounting > Reporting > General Ledger. Lists every journal item, grouped by account, for the selected period — the complete, unabridged audit trail. Use this when a summary report's number needs full line-by-line justification (for an auditor, or your own sanity check).

• Filter by account, journal, or partner.
• Each line shows date, journal, reference/description, debit, credit, and running balance.
• Click through to the originating invoice/bill/journal entry.

Trial Balance

Go to Accounting > Reporting > Trial Balance. One row per account: opening balance, total debit movement, total credit movement, and closing balance for the period.

• The classic checkpoint before closing a period: total debits must equal total credits across every account.
• Often exported to hand to an external accountant/auditor as the starting point for their own workpapers.

When to Use Which

Trial Balance answers "what's the balance of every account" at a glance; General Ledger answers "show me every transaction that built up to that balance" for one or a few accounts. Start with Trial Balance to spot which account looks wrong, then drill into General Ledger for that specific account.

Assets = Liabilities + Equity

Go to Accounting > Reporting > Balance Sheet. This report is always "as of" a single date, not a period — it shows what the business owns, owes, and is worth at that instant.

Assets

• Current Assets – Bank and Cash Accounts, Receivables, other Current Assets, Prepayments.
• Fixed Assets – Equipment, property, and similar (see the Fixed Assets course for the depreciation side).
• Non-current Assets – Long-term assets not classified as fixed.

Liabilities

• Current Liabilities – Payables and other short-term obligations.
• Non-current Liabilities – Long-term loans and obligations.

Equity: Retained Earnings & Net Income

The Equity section has exactly two top-level lines:

• Retained Earnings – every prior fiscal year's earnings rolled up, plus your real equity accounts (Share Capital, Reserves, Owner's Drawings, etc.). Click to expand and see each contributing account.
• Net Income (Current Year) – this fiscal year's profit or loss to date, computed live from the Profit and Loss report — not a number you ever have to manually close or post a journal entry for. It automatically becomes part of Retained Earnings once the new fiscal year starts.

Because Net Income is computed dynamically rather than posted via a year-end closing entry, the split between "this year" and "prior years" depends entirely on your Fiscal Year setting (previous article) being correct — this is the single most common cause of a Balance Sheet that doesn't balance or a "Net Income" figure that looks too large or too small.

Verifying It Balances

The report itself shows ASSETS and LIABILITIES + EQUITY as two separate totals — they must always be equal. If they aren't, check the fiscal year setting first, then look for a manual journal entry that posted directly against an equity account in an unusual way.

Off Balance Sheet Accounts

A final section lists accounts that don't belong in the main equation (e.g. guarantees, commitments) — shown separately and only when non-zero, so they're visible without distorting the core Assets/Liabilities/Equity totals.