Report Explanations
Client reports
Accounts receivable ageing detail: unpaid sales invoices
Accounts payable ageing detail: unpaid bills from suppliers
Profit & loss: This shows the business income, expenses, and net income (profit or loss). This is good for seeing how the business is doing and estimating the corporation tax due.
Balance sheet: This gives you a breakdown of what the business owns (assets), what the business owes (liabilities) and what the business can pay out to its shareholders (capital & reserves). In order to work out how much the business can legally pay out as a dividend, you can usually take the capital/reserves figure (i.e. the last figure at the bottom of the report) and take away the estimated corporation tax due if it hasn’t been accounted for yet.
Accountant reports
Trial balance: This is a combination of both the profit & loss and balance sheet reports
Profit & loss detail: breakdown of the profit & loss items into the transactions that make up the balances
Favourite Reports
Click reports on the left hand side & click on ‘standard’. Favourite the following reports (i.e. click star next to report):
Client reports
Accounts receivable ageing detail (who owes you)
Accounts payable ageing detail (what you owe)
Profit and loss comparison (for my accountant)
Balance sheet comparison (for my accountant)
Accountant reports
Trial balance (for my accountant)
Profit and loss detail (for my accountant)
Custom Reports
Click on the reports within ‘favourite reports’ and select the options shown below. For the report period you’ll want to save two reports - a report for both ‘last financial year’ and ‘this financial year’. Click ‘save customisation’ for each report (custom report name: leave this as it is, it should be the name of the report. Add this report to a group: ‘last financial year’ or ‘this financial year’. Share with: all).
Client reports
Accounts receivable ageing detail
Report period: 'Last Financial Year' & ‘This Financial Year’
Ageing method: 'Report date'
Accounts payable ageing detail
Report period: 'Last Financial Year' & ‘This Financial Year’
Ageing method: 'Report date'
Profit & loss comparison
Report period: 'Last Financial Year' & ‘This Financial Year’
Compare another period: 'Previous period' & '£ Change'
Accounting method: 'Accrual'
Balance sheet comparison
Report period: 'Last Financial Year' & ‘This Financial Year’
Compare another period: 'Previous period (PP)' & '£ Change'
Accounting method: 'Accrual'
Accountant reports
Trial balance:
Report period: 'Last Financial Year' & ‘This Financial Year’
Accounting method: 'Accrual'
Profit & loss detail
Report period: 'Last Financial Year' & ‘This Financial Year’
Click ‘cog’ and select ‘tax amount’ and ‘VAT code’