Financials & Accounting Reports

This guide will walk you through reports that apply to all revenue, expenses, taxes, commissions and credits!

Financials and accounting, you're going to want to put on that thinking cap for this one - Here we go!

The income statement is a crucial financial report used to analyze our business performance. It shows revenue based on when products are delivered or services are performed (accrual basis) or when payment is received (cash basis). We've recently redesigned the income statement to match real-world accounting practices, making it easier for accountants and bookkeepers to use. It now includes features like a separate line item for discounts under "Sales", a toggle to switch between accrual (Delivered Sales) and cash (Written Sales) basis, and detailed breakdowns of sales data. This report helps track sales trends, revenue recognition, and overall financial health, making it one of the most commonly used reports for daily business analysis.

The balance sheet is a crucial financial report used to provide a snapshot of the company's financial position. It shows the company's assets, liabilities, and equity at a specific point in time. Here are some key uses: Inventory tracking: The company has updated it to show a more detailed view of inventory, categorized by condition (new and open box). Financial analysis: It is one of the most commonly used reports for daily business analysis, helping track the company’s overall financial health. Liability tracking: It shows deferred revenue as a liability, representing amounts invoiced or paid but not yet recognized as revenue. The balance sheet helps the company understand its financial position, manage inventory, and track liabilities, making it an essential tool for financial decision-making.

The Sales Tax Report is a comprehensive tool for managing and analyzing sales tax data. It offers both accrual and cash basis views, allowing you to track sales tax based on delivery dates or payment dates. Key features include a detailed breakdown of tax rates and payment details, Filtering by date range, store location, and accounting method, Support for multiple tax jurisdictions, Easy export to CSV or Excel. Recent updates have improved usability with sticky headers, sortable columns, and smoother row tracking, making it easier to research tax details and compare data. This report is essential for accurate tax filing, reconciliation, and integrating with accounting systems.

The Commission Report is used to calculate and track sales commissions. It provides actual profit for each item sold and requires monthly verification from management. The report offers two payout structures: By Payment Date which Includes fully paid items. By Delivery Date: Which includes delivered items, (recommended). Key features are the date and location filters, export option, detailed salesperson data, and return tracking. It's one of our most commonly used reports for daily business analysis, helping monitor sales performance and manage commission payouts.

A simple drop-down, reflects each individual sale for the salesperson. Metric tracked here are product revenue, profit and profit magin.

The payment breakdown report displays the breakdown of payments by type, helping users analyze customer payment behaviours. The key information displayed is the number of payments per type and total amounts received.

You can filter by dates, payment methods, location and sales person.

The Store Credit Report displays detailed information about store credits issued to customers or companies. It includes details like the customer name or company name, which identifies who received the store credit. It also shows the date it was issued, providing a clear record of when the credit was granted. You’ll see the amount listed, which reflects the total value of store credit provided to the customer. At the top of the report, there’s a summary showing the total value of all issued store credits, giving you a quick overview of outstanding liabilities related to credits. Users have the option to filter the report by the issue date, making it easy to view store credits granted within a specific timeframe. This feature helps accounting teams manage store credits effectively and ensures they're applied appropriately to customer accounts and orders.

The Refundable Deposits Report tracks deposits made by customers against quotes or orders. It helps monitor collected deposits to ensure alignment between orders and payments. This report shows total deposits collected within the selected timeframe and helps finance teams track customer commitments, while preventing payment delays or disputes. In accrual accounting, these deposits are tracked as liabilities until the product is delivered or the service is performed.

The Deferred Revenue Report is used to track revenue for products or services that have been sold but not yet delivered or performed. It's a crucial tool for accrual-based accounting, helping businesses monitor their financial obligations. Key features and uses of the report include: Tracking liabilities on the balance sheet until performance obligations are met, Providing insights into undelivered products or unperformed services, Offering filters by date and location for more detailed analysis and integrating directly with the balance sheet for faster access and efficiency. This Helps finance teams maintain accurate financial records and understand the company's financial position. This report is essential for ensuring compliance with accrual accounting principles and maintaining a clear view of financials.

The Accounts Receivables Report helps you manage outstanding balances and ensure timely payments. It tracks all credit line balances and traditional receivables, with options to filter by date range, location, and salesperson. You can view aging balances to prioritize follow-ups, filter by balance type, and allow salespeople to see their assigned accounts for better management. It also supports bulk invoicing for contractors or builders using credit lines, making it a crucial tool for maintaining accurate financial records and understanding your company’s financial position.

Ok! That's it for Financials and accounting Reports, hope it was helpful! Check out any of these other report guides to keep learning!