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The trial balance shows all the account types.Īll these reports are typically issued for the last day of each financial year or period.Īll financial reports will appear in the Financials Reports menu which is found in the Financials module The different reports run on the account balances relevant to a selected date or date range and the reports present them according to their drawer, level and type.įor example the balance sheet report is based on the balance sheet accounts, and similarly the profit and loss statement is based on profit and loss accounts. Remember how in the General Ledger you distinguish between Balance Sheet Accounts and Income Statement Accounts, which are also called Profit and Loss Accounts. This subject is discussed in the Chart of Accounts – Concepts topic.Īlthough the chart of accounts will vary according to a company’s localization, the structures are very similar around the world. Let us go back and examine the Chart of Accounts Structure in association with Financial Reports. You present the report in a summarized form.įor the Assets Drawer you see the following result.įrom a financial controller’s point of view where is most of the money invested?Īre they assets that can be converted into liquid funds at short notice or property that a firm owns and uses that is not expected to be consumed or converted into cash in the near future? We start by talking about the strong connection between the chart of accounts structure and the different financial reports.Īt the end of the year you issue the Balance Sheet report.
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Therefore, they also issue the reports for the closing period, during the following period. Note that the company usually gets last year’s related documents after the end of the financial year or period. You demonstrate the financial reports in SAP Business One. This is because you usually issue the Financial Reports for the last day of each financial year or period to get the financial status of the company. Maria mentions that you discussed the influence of Period-End Closing on the Balance Sheet and Profit and Loss reports.
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Imagine that you are reviewing the Financial Reports with Maria the company accountant of OEC Computers:
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We describe when to use each report and how to interpret typical report data. We will explore the effect of standard processes in SAP Business One on Financial Reports: such as the Balance Sheet, the Trial Balance, and the Profit and Loss report.