In the current Free Accounting Tutorial lesson you will learn how to view the documents that reflect all the transactions performed in Free Accounting. You will check the reports for Sample Company, Customer and Vendor.
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To view the financial position of your company's business for a specified date, you need to select Reports | Company and Financial | Balance Sheet Summary. This Free Accounting report provides a list of assets that the business owns, the liabilites which are owed to the creditors, and the proprietor's equity interest.
To view all the transactions that were performed between the Customer and your company in the Free Accounting application, you have to select Reports | Customers and Receivables | Customer Balance Detail. This report shows the list of financial operations and the end balance of this Customer.
In the Customer drop-down list you can leave ALL to see the report for all the Customers, but we will
select the SAMPLE CUSTOMER to view the report for the Customer we worked with in our Free Accounting Tutorial.
To view the operations executed between the Vendor and your company, select Reports | Vendors and Payables | Vendor Balance Detail. This report provides you with the list of the transactions and the end balance of the Vendor.
In the Vendor drop-down list you can leave ALL to see the report for all the Vendors, but we will
select the VENDOR COMPANY to view the report for the Vendor we worked with in our Free Accounting Tutorial.
The balances of the Customer's and Vendor's accounts are equal to "0" because we have made reconciliation and Payments and Charges
adjustment.
To view income, expenses, and net income or net loss for a period of time, select
Reports | Accountant and Taxes | Income Statement Standard.
Select the Date From and Date To from the calendar to view the report for specific dates.
Check the Show Posted checkbox to view the balance formed with posted entries only.
The comparison of income and expenses will show either net income or net loss.
When total income exceeds total expenses, the difference shows net income.
Sales Income, Cost of Goods Accounts have increased by the $70.00, $70.00 amounts correspondingly.
The example of the Income Statement Standard can be viewed here.
In the Free Accounting Tutorial we have learned the main operations that went through Accounting system. They include creating
the Company, Item, Customer, Vendor, Purchase Order, Purchase Order Receipt, Sales Order, Sales Order Receipt,
Return PO, Return PO Receipt, Sales Order Return and Credit Memo. We also learned how to
Write Check, Receive Payments, Adjust Payments against the Charges and View Reports.
Additional information can be taken from the Free Accounting Help File. See Free Accounting Reports.
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