In the current Free Accounting Tutorial lesson you will learn how to view the reports that reflect all the transactions performed in Free Accounting. You will see the reports for Sample Company, Customer and Vendor.
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To view the financial position of your company for a specified date, select Reports / Company and Financial / Balance Sheet Summary. This Free Accounting report provides a list of assets owned by the business, the liabilities 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, select Reports / Customers and Receivables / Customer Balance Detail. This report shows the list of financial operations and the ending 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 performed 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 ending 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 and Vendor accounts are equal to "0" because we have made reconciliation and adjusted Payments and Charges.
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.
Select the Show Posted check-box, to view the balance formed by 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 Sold accounts have increased by the $70.00 and $70.00 amounts correspondingly.
The example of the Income Statement Standard can be viewed here.
In the Free Accounting Tutorial we have learnt the main operations that went through Accounting system. They include creating
the Item, Customer, Vendor, Purchase Order, Receipt, Sales Order, Invoice, Return Receipt, Debit Memo, Return Invoice and Credit Memo. We also learnt 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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