Your accountant calls….
Your accountant calls for the ‘usual reports’, and your bookkeeper is on vacation in Disney World. Fear not, we are here to help.
Your accountant is just looking for enough data to make sure you are on the right path, so there will be no surprises come year-end and tax time. You can ask her specifically what reports she wants, then use AccountEdge’s Batch Reports feature to set them up to run when needed — issue solved going forward.
But for now, it is likely she wants a Balance Sheet report, customized with a specific date, and a Profit and Loss report for whatever date range she needs, showing the net income or loss for that period. These two reports tie-together with the Current Year Earnings account, and when you close your fiscal year, the income or loss is added or subtracted to the Retained Earnings account, hence the names.
Related reports include: aged receivables and payables reports, which correspond to the linked A/R and A/P accounts; an inventory detail report showing the quantity and value of your stock, which agrees with the inventory asset account; and a detailed Trial Balance report for accounts she indicates.
You’re on the right path if you can produce these reports knowing they are up-to-date and accurate. Don’t be afraid to ask your accountant for feedback on these reports. If your accountant tends to make monthly, quarterly, or annual adjustments based on these reports, be sure to record those adjustments as Journal Entries in your AccountEdge company file. If you need to record adjustments or depreciation on a regular basis, setup recurring Journal Entries to record the entries. Then your reports will reflect reality at year-end.
So, when your bookkeeper returns from the Magic Kingdom, you can show off some AccountEdge magic of your own.