Review reports

Task 2: Review reports

There are several reports that we recommend you review at the end of each month. You can use these reports to identify and correct any discrepancies in your records, as well as spot any trends in your business.

These reports are listed below.

Report

Description

Debtors Reconciliation

Lists all your outstanding debtors.

Creditors Reconciliation

Lists all your outstanding creditors.

Analyse Sales Customer

Lists your company’s sales activity and trends on a month-by-month basis.

Analyse Purchases Supplier

Lists your company’s monthly purchases.

Items List Summary

Shows what’s on hand and what needs to be ordered.

Audit Trail

Reviews changes made to recorded transactions, VAT codes, account details and system settings.

Note that before you can track and report changes, you need to activate the audit trail tracking preference. For more information, see Audit trail tracking system.

Profit & Loss Statement

Shows your profit and loss figures.

Balance Sheet

Reviews your financial position as of the end of a period.

Summary Trial Balance

Identifies incorrectly entered amounts. When reviewing this report, check for:

•	entries that seem unusually large or small for the account that has been affected

•	debit amounts for accounts that normally have credit entries and vice versa

•	unusually high or low ending balances

•	an unusually high or low number of entries for a specific account.

Balance Sheet Budget Analysis

Lists account balances as at the end of a selected period, along with the budgeted amounts for them. If you’ve determined that changes need to be made to the amounts you’ve budgeted for the coming months, you can adjust your budget.

Profit & Loss Budget Analysis

Lists account balances for a selected period, along with the budgeted amounts for them. If you’ve determined that changes need to be made to the amounts you’ve budgeted for the coming months, you can adjust your budget.

Statement of Cash Flow

Shows how your cash position has changed over a period of time, what profit you have earned, where you received additional cash, and where your cash was spent.

Cash Flow Worksheet

Enables you to estimate your short-term cash needs. For more information, see Analysing your cash flow.

note : Create a report batch

You may find it useful to create a report batch for your month-end reports and print them all in one go. For more information, see Printing report batches.