The “All” reports print a list of all accounts and their balances, and can be used as an alternative to the Trial Balance. .
The Assets report prints a list of all fixed asset accounts. If you select the “Print Movements” option in the report settings for this report, it will list out all asset purchases and disposals for the periods printed.
You should print this report for each period of the financial year and give it to your accountant. From this, she will be able to prepare asset and depreciation schedules.
A Category report lists accounts by category. It is available in Budget, Monthly and Yearly formats.
The Profit reports provide a profit statement. The income accounts are printed and summed, or, where Sales and Cost of Sales accounts have been used, the gross margin is shown. This is followed by the expense accounts; the difference being the profit (or loss). There are several formats provided for these—preview them and decide which suits your needs best.
The Trading reports use predefined categories to produce a trading summary report. There are versions for Budget, Monthly and Yearly.
In order for the Trading reports to work properly, you must have all income and expense accounts in your document categorised as follows1:
|ADMIN||Administration expenses (e.g. rent, photocopying, phones);|
|COGS||Cost of goods sold expense account (stock purchases etc.);|
|PROMO||Promotional expenses (advertising etc.);|
|INC||Other income (not covered by the SALES category);|
|OTHER||Other expenses (expense accounts not included in one of the other categories);|
|WAGES||Wages and salaries expenses.|
1 See the Acme Widgets tutorial accounts for an example of the use of these categories. ↩