The Trial Balance is a bookkeeping sheet in which the balances of all ledgers are compiled into debit and credit columns.

The Balance Sheet is a statement of assets, liabilities, and capital of your business at a particular point in time, detailing the balance of income and expenditures over the preceding period.

This report can be used to generate the company’s year-end income statement as well as profitability as each money transaction from the bank account gets assigned to a category.

The accounts payable aging summary report categorizes payables to suppliers based on time buckets.

The accounts payable details report allows you to view the balances you owe to other companies for supplies, inventory, and services your company receives.

Similar to the Accounts Payable Aging Summary and Details reports, this Accounts Payable Payee Ledger report allows you to drill down to an individual payee or vendor to see bills received from that payee or vendor during a certain time period.

You can download a payment transactions list for a specific date range to determine those payees for whom you must issue a 1099 Form.

If your firm collects tax from clients, you can use this report to document the tax collected.

The Profit and Loss Report report summarizes the revenues, costs, and expenses incurred during a specific period of time – usually a fiscal quarter or year.