Financial Reports — Income Statement & Balance Sheet

The Reports tab provides two standard financial statements: Income Statement (P&L) and Balance Sheet. Both are generated in real time from your posted journal entries.

Income Statement:
Shows revenue and expenses for a selected time period, with net income or net loss at the bottom.

• Select a period from the dropdown: This Month, Last Month, This Quarter, Last Quarter, This Year, Last Year, or Custom Range
• Revenue accounts and expense accounts with activity in the period are displayed
• Accounts with no posted activity in the period are omitted
• Net Income = Total Revenue − Total Expenses

Balance Sheet:
Shows the financial position of your org as of a specific date.

• Select an "As of" date (defaults to today)
• Assets, Liabilities, and Equity sections show cumulative balances from all posted entries up to that date
• The bottom row confirms whether Assets = Liabilities + Equity (a balanced sheet)

Both reports reflect only posted journal entries. Void entries are excluded. For accurate reports, ensure all transactions have been recorded and any reconciliation differences have been resolved.