Financial Reports Introduction
Financial Reports is a powerful tool in Miragebooks that allows users to generate commonly used financial statements and reports for their business. These reports can help users keep track of the finances and analyze the business performance.
Miragebooks provides an unique drill-down feature that empowers users to view transaction-level details behind specific financial statement account, ensuring that business owners and professional accountants have a thorough understanding of the financial state of affairs.
Miragebooks offers five financial reports to provide users with a comprehensive view of their financial transactions. Below are brief descriptions for each of the financial reports available:
- Profits & Loss: This report shows the revenue earned, expenses incurred, and net profit or loss over a specific period of time.
- Balance Sheets: This report provides a snapshot of the financial status of your business at a particular point in time, including your assets, liabilities, and equity.
- Bank Balance Report: This report shows the current balance of each bank account associated with your business.
- Trail Balance: This report lists all the accounts used in your accounting system and their current balances. It is used to ensure that your debits and credits are in balance.
- Expense Report: This report summarizes all the expenses incurred by your business over a specified time period. It can be filtered by categories and payment methods.