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Financial Statements

Core financial statements showing the company's financial position and performance. All financial statements are generated using the Interactive Accounting Reports module with capabilities for on-screen display, drill-down to source transactions, Excel export, and browser printing.

Navigation: Accounting > Reporting > Interactive Accounting Reports

Balance Sheet​

The Balance Sheet presents the company's financial position at a given date, showing assets, liabilities, and equity with comparative period columns.

Report Contents:

  • Current and Non-current Assets with subtotals
  • Current and Non-current Liabilities with subtotals
  • Stockholders' Equity
  • Comparative columns (current period vs. prior period)
  • Account code and name with hierarchical grouping

Balance Sheet

Use Cases:

  • Monthly financial reporting
  • Year-end audit preparation
  • BIR compliance filing
  • Management review

Profit & Loss​

The Profit & Loss statement summarizes revenues, costs, and expenses for a given period to show the company's profitability.

Report Contents:

  • Revenue/Income accounts
  • Cost of Revenue/Cost of Goods Sold
  • Gross Profit computation
  • Operating Expenses breakdown
  • Net Income/Loss

Profit & Loss

:::tip Multi-Period Comparison The P&L report supports period modes: Period, Yearly, Quarterly, and Monthly. Use these to generate comparative P&L statements across multiple periods side by side. :::

Trial Balance​

The Trial Balance lists all accounts with their beginning balances, period movements (debit/credit), and closing balances. This report is essential for verifying that debits equal credits and serves as the starting point for preparing financial statements.

Report Contents:

  • Account code and account name
  • Initial Balance (Debit/Credit)
  • Period Balance (Debit/Credit)
  • Closing Balance (Debit/Credit)
  • Grouped by account category (Bank and Cash, Cost of Revenue, Current Assets, Current Liabilities, etc.)

Trial Balance

Currency Options: Supports currency selection between USD and PHP, with automatic conversion using BSP exchange rates.

Income Statement​

The Income Statement provides a detailed view of the company's profitability for a given period, following the standard income statement format required for BIR compliance.

Income Statement

Difference from P&L: While similar to the Profit & Loss report, the Income Statement follows a more traditional format suited for formal financial reporting and BIR submission.

Tips for Financial Statements​

:::info Comparative Reports For year-over-year or month-over-month analysis, use the Comparative P&L and Comparative Balance Sheet reports found under ARE18 Accounting Reports (available in both USD and PHP versions). :::

:::tip Excel Export All financial statements can be exported to Excel (XLSX) for:

  • BIR submission requirements
  • External auditor review
  • Further analysis and pivot tables
  • Integration with other reporting tools :::