The Reports page turns everything you recorded into four reports. Each answers one plain question about the business.

By the end you can

Screens used

1
Open Reports
On: /accounting/reports
Open Accounting and choose Reports.
You should see: Four reports on one page.
2
Did we make money?
On: /accounting/reports
Profit & Loss (this month) shows Total income, Total expenses and Net profit.
You should see: This month's profit or loss.
3
What do we own and owe?
On: /accounting/reports
Balance Sheet (as of today) shows Total assets, Total liabilities and Total equity. Assets should equal liabilities plus equity.
You should see: The three totals. A warning reading "Not balanced" means an entry needs correcting.
4
How much tax is due?
On: /accounting/reports
Tax summary (this month) shows Output tax (on sales), Input tax (on purchases) and the Net tax payable.
You should see: The tax figure for the month.
5
Who owes us?
On: /accounting/reports
Receivables aging splits unpaid invoices by how late they are: Current, 1–30 days, 31–60 days, 61–90 days and 90+ days.
You should see: You can name the customers to chase first: the oldest debts.

Look at these on the same day each month so you can compare.
These reports help you run the business. Have an accountant check them before filing tax returns.

The balance sheet says "Not balanced".: An entry was recorded incompletely. Note the date range and ask your accountant to find and correct it.
This month's profit looks too high.: Bills you have not recorded yet are missing. Record every purchase for the month, then read the report again.

One row per shot, in the same order as the guide. Estimated length 1:48, recorded signed in as Owner. Use made-up data only. How to record

0:00Title card

Say: Read your financial reports. Read profit and loss, the balance sheet, the tax summary and who owes you, without being an accountant.

Hold until you see: Lesson title on screen for three seconds.

0:18Step 1: Open Reports (/accounting/reports)

Say: Open Accounting and choose Reports.

Hold until you see: Four reports on one page.

0:29Step 2: Did we make money? (/accounting/reports)

Say: Profit & Loss (this month) shows Total income, Total expenses and Net profit.

Hold until you see: This month's profit or loss.

0:43Step 3: What do we own and owe? (/accounting/reports)

Say: Balance Sheet (as of today) shows Total assets, Total liabilities and Total equity. Assets should equal liabilities plus equity.

Hold until you see: The three totals. A warning reading "Not balanced" means an entry needs correcting.

0:59Step 4: How much tax is due? (/accounting/reports)

Say: Tax summary (this month) shows Output tax (on sales), Input tax (on purchases) and the Net tax payable.

Hold until you see: The tax figure for the month.

1:15Step 5: Who owes us? (/accounting/reports)

Say: Receivables aging splits unpaid invoices by how late they are: Current, 1–30 days, 31–60 days, 61–90 days and 90+ days.

Hold until you see: You can name the customers to chase first: the oldest debts.

1:32End card

Say: That is read your financial reports. The written steps are on this lesson's page in the ItzSEO course.

Hold until you see: End card with the lesson link.

0 of 7 checked

Step 1: Open ReportsYou should see: Four reports on one page.
Step 2: Did we make money?You should see: This month's profit or loss.
Step 3: What do we own and owe?You should see: The three totals. A warning reading "Not balanced" means an entry needs correcting.
Step 4: How much tax is due?You should see: The tax figure for the month.
Step 5: Who owes us?You should see: You can name the customers to chase first: the oldest debts.
Problem case: The balance sheet says "Not balanced".You should see: An entry was recorded incompletely. Note the date range and ask your accountant to find and correct it.
Problem case: This month's profit looks too high.You should see: Bills you have not recorded yet are missing. Record every purchase for the month, then read the report again.