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Financial Statements

Create basic financial statements, including a balance sheet and income statement.

General Ledger
2
Balance Sheet
Show the following periods:
2016
+2

Search
Account Group
Account
Period
2016
2017
2018
Value
Value
Value
Current Assets
Cash
$245,000
$357,000
$569,000
Accounts Receivable (A/R)
$479,000
$518,000
$956,000
Allowance for doubtful accounts
-$23,000
-$30,000
-$52,000
Prepaid expenses
$300
$500
$1,200
Inventory
$1,298,560
$2,549,887
$2,156,894
Other Current Asset
$0
$0
$0
Cash equivalents
$2,400
$2,400
$2,650
Long-Term Assets
Fixed Asset
$899,004
$959,000
$120,567
Other Asset
$3,400
$3,400
$3,400
Current Liabilities
Accounts Payable (A/P)
$20,000
$25,000
$27,000
Credit Card
$3,000
$5,000
$13,000
Current Liability
$32,000
$24,000
$18,000
Long-Term Liability
Long Term Liability
$0
$0
$500,000
Stockholders Equity
Equity
$2,569,905
$3,569,005
$4,345,990

Income Statement
Show the following periods:
2016
+4

Search
2015
2016
2017
2018
Income
Revenue
$2,200,000
$2,300,000
$2,400,000
$2,500,000
COGS
COGS
$1,000,000
$1,000,000
$1,000,000
$1,000,000
Gross Margin
Gross Margin
$1,200,000
$1,300,000
$1,400,000
$1,500,000
Operating Expenses
Salaries & Wages
$500
$500
$500
$500
Rent & Utilities
$450
$450
$450
$450
Office Supplies
$100
$100
$100
$100
Advertising
$700
$700
$700
$700
Depreciation & Amort.
$250
$250
$250
$250
Operating Income
Operating Income
$1,198,000
$1,298,000
$1,398,000
$1,498,000
Other Expenses
Interest Expense
$130
$130
$130
$130
Tax Expense
$1,215,870
$1,320,870
$1,394,630
$1,497,870
EBITDA
EBITDA
-$18,000
-$23,000
$3,500
$22,100
Net Income
Net Income
-$18,000
-$23,000
$3,500
$22,100

Periods
0
Accounts
Add account
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Statement Type
Group
Account
What for
When to add
Add to General Ledger
Balance Sheet
14
Current Assets
7
Cash
Track business checking, savings, money market, and petty cash accounts.
You can also add bank accounts to track your cash in drawer amount if you have a cash register..
Add to GL
Cash equivalents
Assets that you can easily turn into cash such as checking accounts, savings accounts, money market and CD accounts.
You can also add Current Asset account to track:
Accounts receivable
Inventory
Add to GL
Accounts Receivable (A/R)
Track transactions related to customers who owe you money.
You can use accounts receivable reports and graphs to track the:
Customers who owe you money
Invoices that are unpaid
Number of days that an invoice is past due
Add to GL
Allowance for doubtful accounts
Contra account to
@Accounts Receivable (A/R)
Add to GL
Prepaid expenses
Add to GL
Inventory
Things that you sell as part of your typical business operations
Add to GL
Other Current Asset
Items that can be converted to cash or used up within one year such as prepaid expenses, employee cash advances, inventory, or loans from your business.
You can also use it to track supplies, deferred income taxes, estimated future income tax benefits, security deposits, and investment property.
Add to GL
Long-Term Assets
2
Fixed Asset
Items with a minimum cost that you have to sell in order to generate cash. Examples are automobile, equipment and land. Consult your accountant or tax prepare to determine the actual minimum cost that you should use to determine fixed asset.
You can also add Fixed Asset accounts to track:
Construction and landscaping machines; music, photographic, and printing equipment
Fixtures and fittings (automotive or photographic shop fixtures, etc.)
Office equipment (cell /telephones, computers, copiers, printers, fax machines, projectors, etc.)
Office furniture (chairs, desks, filing cabinets, lamps, etc.)
Add to GL
Other Asset
Items that are neither Fixed Asset nor Other Current Assets such as goodwill, long term notes receivable and security deposits that have been paid by you.
You can also use Other Asset for tracking Intellectual property, confidential information, copyrights, designs, formulas, patents, and trademarks.
Add to GL
Current Liabilities
3
Accounts Payable (A/P)
Tracks transactions related to money you owe to vendors.
You can use accounts payable reports and graphs to track the:
Vendors you need to pay
Outstanding bills you need to pay
Amounts you owe your vendors
Add to GL
Credit Card
Credit card purchases for the business.
You can add multiple business credit card accounts if:
You have one or more employees who need a company credit card to make business-related purchases.
You want to use different cards for different types of purchases (one for travel expenses, one for office supplies, one for building supplies, etc.).

Note: If you have multiple business credit cards for one charge account, create only one Credit Card account for the statement.
Add to GL
Current Liability
Money that your business owes and expects to pay within one year such as Sales tax, Security deposits, and payroll taxes.
You can also use it to track benefits, contracts, entitlements, and salaries and wages.
NOTE: If you have one or more loans for your business, you should create different Loan accounts for each one. For example, if you have loans to fund for equipment, inventory, or working capital, you should create different Loan accounts to track the principal you owe for each one.
Add to GL
Long-Term Liability
1
Long Term Liability
Money that your business owes and expects to pay back over more than one year such as Mortgages, Long-term loans, and notes payable.
You may also add the account to track Bonds payable, Lease payments, and Deferred income tax payments.
Add to GL
Stockholders Equity
1
Equity
The net worth of the company. It represents the difference between your liabilities and assets. If you sold all your assets today, and if you paid off your liabilities with the money received from the sale of your assets, the money you would have left is your equity.
You can also create additional Equity accounts to track:
Owner’s equity
Owner’s draws
Capital investments
Capital stocks.
Add to GL
Income Statement
13
Income
1
Revenue
Add to GL
COGS
1
COGS
Add to GL
Gross Margin
1
Gross Margin
Add to GL
Operating Expenses
5
Salaries & Wages
Add to GL
Rent & Utilities
Add to GL
Office Supplies
Add to GL
Advertising
Add to GL
Depreciation & Amort.
Add to GL
EBITDA
1
EBITDA
Earnings before interest, taxes, depreciation, and amortization
Add to GL
Operating Income
1
Operating Income
Add to GL
Other Expenses
2
Interest Expense
Add to GL
Tax Expense
Add to GL
Net Income
1
Net Income
Add to GL
Statement of Cash Flows
3
Operations
1
Change in net working capital
Changes in net working capital
Add to GL
Investing
1
Capital expenditures
Cash spent on property, plant and equipment.
Add to GL
Free cash flow
1
Free cash flow
Add to GL

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