Opening balance is entered at time of business operations and year after opening balance is carried on from one accounting period to new accounting period. The opening balance can be found on the credit or debit side of the ledger, depending on whether or not the firm has a positive or negative balance. To add […]
Category: General
Account Transactions Report
This report shows revenue & expense transaction details by account. Any transaction which was created in myBooks will be displayed here. This report is useful for verifying the transaction created. This report can be created in three different sections they are Current, Previous, and Custom. The current report can be created by using Today, Current […]
Profit & Loss Report
Profit and loss is a financial report that shows the company’s revenues and expenses for a mentioned specific period of time. This report is one of the four major reports it shows the company’s net profit or loss for a mentioned specific period of time and it is also known as an income report. This […]
Profit & Loss by Customer
Profit and loss is a financial report that shows the company’s revenues and expenses for a mentioned specific period of time for a specific customer. This report can be created in three different sections they are Current, Previous, and Custom. In the current, the report can be created by using Today, Current Month, Current Year, […]
Sales by Customer Report
This report shows records of sales per customer and it includes invoices for which payment has not been received. This report also shows sales amount and sales amount with tax. This report will be helpful in identifying repeat customers. This report can be created in three different sections they are Current, Previous, and Custom. In […]
Chart of Accounts
Accounts that are used in the general ledger of an organization are the chart of accounts. The chart is used by the accounting software to aggregate information into an entity’s financial statements and it is usually sorted by account code so that accounts can be properly located. These account codes are usually numeric or alpha-numeric. […]
General Ledger Report
General report shows all the transactions from all accounts for specific given dates. This report shows the totals for each account and from here you can view details of each transaction. This report is unhelpful in checking every transaction that occurred a specific period of time. This report can be generated in three different date […]
Profit & Loss by Item
Profit and loss by the item is a financial report that shows company’s revenues and expenses for a mentioned specific period of time for a specific item. This report can be created in three different sections they are Current, Previous, and Custom. The current report can be created by using Today, Current Month, Current Year, […]
Balance Sheet
Balance sheet is a financial statement that shows company assets, liabilities, equity. This is one of the important reports because it shows the company assets, liabilities, and equity for the given period of time and which in turn it shows the company’s financial status. This report can be created in three different sections they are […]
Cash Flow Report
This is another important report because it shows the company’s liquidity position. The amount of cash that the company receives from customers or pays out to creditors is known as cash flow. This is another important report because it shows the company’s liquidity position. You can analyze from where the money is coming in and […]