Which Reports Do You Compare at the End of the Fiscal Year
You can watch the video procedure or follow the instructions below.
At the end of your fiscal year, you will need the balance sheet, the financial statements, the trial balance, and the age of accounts (aged trial balance). Make sure that all your reports have the same dates.
Go to the “Reports” tab.
2. Open each of the reports mentioned above by clicking on them.
3. To print/export the report in PDF format, click on “Print” at the top right once you click on the report.
Transcription of the Subtitles
Here are the reports you need to compare at the end of the fiscal year.
At the end of each fiscal year, you will need to compare the balance sheet, the income statement, the trial balance, and the aged trial balance.
To generate your reports, go to the “Reports” tab.
Start by clicking on “Balance sheet.” This report shows you your assets, your liabilities, and the owners’ equity. Make sure that you select the same date for every report. In this case, this report will be dated January 31st 2022. Here, you can see that your suppliers is at ***$. You can compare this amount with the trial balance. As you can see, the amount is the same.
Again, make sure that the date of the trial balance is the same as the date of the balance sheet. In the trial balance, you can also see the amount for the rent. You can compare this amount with the total of the income statement from the same period.
Next, you can see what the “Suppliers accounts” and the “Accounts receivable” are made of by comparing the amounts with the aged trial balance.
Go back to the “Reports” tab and click on “Aged trial balance.” Tick “Detailed suppliers accounts,” and you will see the different expenses that make up the total amount. You can do the same thing for the “Account receivable.” Now, you will see the amounts that you have yet to receive. This amount is the same as the one in the balance sheet and the trial balance.
If you want to see the transactions for a specific account and for a specific period, open the “General Ledger.” Select the accounts and the dates for which you want to see the transactions. Then, you will be able to see all the transactions and when they took place. You can also see if the final balance is a credit or a debit.