You have four key financial statements that summarize the company's financial activity and status:
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:
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:
This report is also known as:
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:
.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::
For more information about the year-end process, refer to About closing your books at year-end.
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