Your Corporate Financial Statements

This report is also known as an Income Statement. It summarizes your income and expenses so you know if you are operating at a profit or a loss. The report shows subtotals for each income and expense account in your chart of accounts. The last line on the report shows your net income or loss.

To run the Profit & Loss report:

1. In the menu bar, select Reports, and then select Company & Financial.
2. On the submenu, select the Profit & Loss report best suited to your immediate need.

The Balance Sheet summarizes your company's financial position. It shows the value of a company's assets, liabilities, and equity. It is called a balance sheet because the assets must always equal the sum of the liabilities and equities.

To run the Balance Sheet:

1. In the menu bar, select Reports, and then select Company & Financial.
2. On the submenu, select the Balance Sheet best suited to your immediate need.

This report is also known as:

1. The Statement of Changes in Financial Position.
2. The Statement of Sources and Uses.

It shows you how your cash position has changed over a period of time. Its divided into three activities: Operations, Investments and Financing and it shows sources and uses of cash in each activity. Please do not confuse the Statement of Cash Flows with either the Cash Flow Forecast (another report) or the Cash Flow Projector (an add-on to QuickBooks).

To run the Statement of Cash flows report:

1. In the menu bar, select Reports, and then select Company & Financial.
2. At the bottom of the submenu, select the Statement of Cash Flows.

.This report shows the changes in Retained Earnings from one period to another.

This is the one Financial Statement that QuickBooks does not produce. You can run a similar report::

1. In the menu bar, select List, and then Chart of Accounts and then Retained Earnings.
2. Run an Account QuickReport on the Retained Earnings account to see each year's Closing Entry and Journal Entries you have entered.