Trial Balance Report

The trial balance report shows the balances of all your accounts, but combines the customer and supplier accounts into an overall balance (thus hiding the actual customers and suppliers).

The report is the basis for the Balance Sheet report.

You can use the buttons at the bottom of the report to change the effective date for the report.

Attachment	Size
Trial Balance 20100331.html	6.52 KB
Trial Balance 20100331.csv	667 bytes

Balance Sheet Report

The balance sheet report shows the balances of your accounts at a particular date, based on the trial balance.

This report further combines the income and expenses into an overall net income, hiding the details of your income and expense accounts.

The report lists the balances of your accounts, divided into assets, liabilities and equity.

Attachment	Size
Balance Sheet 20100331.html	7.69 KB
Balance Sheet 20100331.csv	936 bytes

Profit and Loss Report

The profit and loss report (income statement) shows the changes in balances of your income and expense accounts. It runs from the previous consolidation. If there is no previous consolidation, the report runs from the date of the first transaction, and uses the opening balances if there are any.

You can change the start and end dates if you want to run the report over a different date range instead.

The end date defaults to the date of the next consolidation, and although you can view the profit and loss for a particular date range, you can only consolidate if the end date has passed, the start date is the beginning of the period, and the end date is the year end date defined in Settings.

Consolidating

Consolidation posts adjustment lines to all income and expense accounts to zero the balance for the start of the next financial year. The effect is that the overall profit is moved into your "profit and loss" account.

You can undo a previous consolidation in the profit and loss report using the Undo Last P/L button.

After consolidating the profit and loss, the adjustment lines are visible in the accounts. These lines can be viewed, but cannot be changed. The consolidation puts a lock on the transactions dated before the year end. These cannot be edited, and no new transactions can be added before this date.

Attachment	Size
Profit and Loss 20100101_20100331.html	4.84 KB
Profit and Loss 20100101_20100331.csv	333 bytes

Monthly Breakdown & Budgeting Report

The monthly breakdown report is simply a more detailed profit and loss report, showing the income and expenses broken down by calendar month. It also computes the average income/expense per month.

The report shows budget figures if any of the accounts have been assigned a budget amount. In this case, the difference and percentage difference over budget is shown for each month. You can use the option at the bottom of the report to remove the budget columns from the report and show the simple monthly breakdown.

Attachment	Size
Monthly Breakdown 20100101_20100331.html	7.74 KB
Monthly Breakdown 20100101_20100331.csv	725 bytes

Cash Flow Statement

The cash flow report shows how changes in balances of your accounts, income and expenses affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. See http://en.wikipedia.org/wiki/Cash_flow_statement for more information.

Easy Books uses the indirect method of calculation, using the net income as the starting point. It then adds back depreciation, and adjusts the income for changes in customers' and suppliers' balances outstanding.

Attachment	Size
Cash Flow 20100101_20100331.html	6.05 KB
Cash Flow 20100101_20100331.csv	597 bytes

VAT Return

The VAT return is performed over a date range, similar to the profit and loss report. The VAT period is usually three months. When setting up a new business, use Settings to set the end date of the next VAT period.

The report shows the VAT form and computes the values to enter in each box. The calculation is shown below the form. If the business is set to use the Cash Accounting VAT scheme, the adjustments are listed in the report.

Adjustments are computed using the outstanding balance on each customer (and supplier) account. For sales, the sales invoices for each customer are used in reverse order to determine whether the invoice has been paid in full, or part paid. When paid in full, the value of sales is reduced by the invoice ex-VAT amount. The sales VAT due is reduced by the VAT amount of that invoice. For invoices that have been partially paid, the proportion left unpaid is used to derive a proportion of the total sales and sales VAT to apply as an adjustment.

The process is similar for the purchase invoices, using the unpaid balances on supplier accounts.

Filing the Return

Once the end of the current VAT period has passed, you can file the return. This is similar to a year end consolidation, it zeroes the balances of all the VAT accounts, transferring the overall balance to a special "HMRC (VAT)" account. This account shows the amount you owe as tax due. If the option to file the return is not available, check the date you have set for the next period end under business settings. You can reach the VAT settings from the report as well by tapping the action button.

The report should be emailed in order to keep a copy, and afterwards, can be filed. Using this option posts the adjustment lines to zero the sales and purchase VAT accounts for the start of the new period. The overall balance is moved to the “HMRC (VAT)” account and “Deferred VAT (Cash Scheme)” account. If you look at the accounts list, you'll find these accounts listed near the end, and if you tap on the HMRC (VAT) account after filing a VAT return, you'll see all the adjustment lines that zero each of the sales and purchases VAT accounts.

Making the Payment

When the VAT amount is paid to HMRC, you will enter a transaction between the “Cheque Account” and “HMRC (VAT)” account. The date should be set to the date the payment is made, the amount is the amount paid to HMRC.

After the payment has been entered, you should expect to see a zero balance on this account as highlighted.

Note: You don't need to enter anything in the deferred VAT account, this is used by the app to adjust for VAT in the next return.

Attachment	Size
VAT Return 20100401_20100630.html	13.62 KB
VAT Return 20100401_20100630.csv	2.7 KB

Audit Report

The audit report lists all the accounts in your business, and all the transactions between the two dates you set.

The purpose of this is to output all the information for a tax period for storing along with the end of year profit and loss and balance sheet.

Attachment	Size
Audit 20100101_20100331.html	28.74 KB
Audit 20100101_20100331.csv	5.72 KB

Aged Debt

The customer and supplier aged debt reports show the amounts due, split into time periods.

The report takes into account the payments made by customers, which always reduce the oldest debt first. Then the oldest unpaid invoice amount is processed to find out how many days have passed since it was raised. The amount is added to the relevant time period, and the next invoice is processed and so on.

The time periods are:

* 0-14 days
* 15-30 days
* 31-45 days
* 46-60 days
* 61-90 days
* more than 90 days

If you have agreements with customers that they will pay your invoices in thirty days, you should expect to see zero in all the columns except the "0-14 days" and "15-30 days" columns. Any other amounts are overdue.

The table can help show which customers are most overdue, and also the largest amounts overdue. You can use this information to monitor cash flow, and to decide which customers to chase for payment.

The report also shows the list of customers over the report time range who have made the most contribution in terms of total sales.

The suppliers aged debt report works in just the same way.

Attachment	Size
Customers 20100101_20100331.html	5.84 KB
Customers 20100101_20100331.csv	189 bytes