Introduction
Welcome to the Empress guide on Accounting Reports. This guide will provide a high-level, easy-to-understand overview of different accounting reports available in Empress and how they can enhance your business operations.
Understanding Accounting Reports
In Empress, accounting reports provide a comprehensive snapshot of your company’s financial activities. From tracking transactions to analyzing outstanding amounts, these features play a crucial role in financial planning and decision-making.
General Ledger
The General Ledger is an overview of all transactions posted to each account. Accessed through Accounts > Company and Accounts > General Ledger, this feature provides a comprehensive update on all entries posted in a specific period against any account. By grouping results by account, voucher/transaction, or party, you can easily view opening and closing balances for each group.
Accounts Receivable and Accounts Payable (AR / AP)
Empress’ Accounts Receivable and Accounts Payable reports enable you to efficiently track the outstanding amounts of customers and suppliers. By providing an ageing analysis, these reports give you a clear understanding of the period for which the amount is outstanding. You can view these reports by following the pathway: Accounts > Accounting Statements > Accounts Receivable.
Trial Balance
The Trial Balance report lists account balances for all your accounts for any given reporting period. It ensures the entries in your company’s bookkeeping system are mathematically correct. You can access the trial balance by navigating to Accounts > Accounting Statements > Trial Balance.
Balance Sheet
The Balance Sheet is a crucial financial statement that presents a snapshot of your company’s assets, liabilities, and equity at a specific point in time. You can analyze your financial position across multiple years, specific finance books, or cost centers, and in any currency. The balance sheet can be accessed via Accounts > Accounting Statements > Balance Sheet.
Cash Flow Statement
The Cash Flow Statement provides an overview of the inflow and outflow of cash or cash-equivalents for your company, helping you analyze the liquidity position. You can access this statement via Accounts > Accounting Statements > Cash Flow.
Profit and Loss Statement
Also known as the P&L Statement, this financial statement summarizes all revenues and expenses in a given period and can be accessed via Accounts > Accounting Statements > Profit and Loss Statement.
Consolidated Financial Statements
Consolidated Financial Statements provide a consolidated view of Balance Sheet, Profit and Loss Statement, and Cash Flow for a group company by merging financial statements of all the subsidiary companies. This report can be accessed via Accounts > Accounting Statements > Consolidated Financial Statement.
Sales and Purchase Register
The Sales and Purchase Register report presents all the sales and purchase transactions for a given period with invoiced amount and tax details. This feature can be accessed via Accounts > Taxes > Sales Register or Purchase Register.
Conclusion
Empress’ Accounting Reports play a crucial role in providing an overview of your company’s financial health. By leveraging these features, you can make informed decisions that can propel your business growth. For further assistance or queries, refer to Empress’ support resources or reach out to our customer service.