Where can I find Accounting reports?
They are found in the Accounting module of CAMS.
1. Log in to the Wakandi Admin Panel.
2. Go to Accounts menu choose Accounting (twice).
3. Â Then choose Reports. The following reports are available:
Financial position
A business’s financial position indicates its economic health at a specific time. It provides a snapshot of the business’s assets, liabilities, and equity on that date.
Income statement
The Income Statement, or the Profit and Loss Statement (P&L), is a financial report that summarizes the revenues, costs, and expenses incurred during a specific period, usually a fiscal quarter or year. It shows how the revenues (the money a business earns from its activities) are transformed into net income (the profit or loss after all expenses have been deducted). This statement provides insights into a company’s operational efficiency, cost management, and profitability.
Notes of Account
The Notes of Account, also known as Notes to Financial Statements, are additional details and explanations provided in a company’s financial statements. These notes are essential for providing a more precise and comprehensive understanding of the financial statements, including the balance sheet, income statement, and cash flow statement. They offer context, describe accounting policies, and provide detailed information that cannot be included in the primary statements due to space constraints or complexity.
Trial Balance
A Trial Balance is an accounting report that lists the balances of all general ledger accounts at a particular point in time. It is used to verify that the total of all debit balances equals all credit balances, ensuring the accuracy of the bookkeeping entries and the arithmetic correctness of the ledger accounts. The trial balance is an intermediary step before preparing the formal financial statements.
Monthly Trial Balance
A Monthly Trial Balance is an accounting report that lists the balances of all general ledger accounts at the end of a specific month. It ensures that total debits equal total credits for that period, verifying the accuracy of monthly bookkeeping entries and providing a foundation for monthly financial statements.
Category Report
A Category Report is a financial report that groups financial data into specific categories for analysis and comparison, such as revenue, expenses, accrued Income Loans, or savings Accounts. This type of report helps understand how different segments or categories of the business perform, identify trends, and make informed decisions.
Ledger Statement
A Ledger Statement is a detailed financial report that records all transactions affecting each account within the general ledger over a specific period. It includes dates, descriptions, and amounts of all debits and credits, providing a comprehensive view of the account’s activity and balance. This statement is essential for tracking and verifying individual account histories and balances.
Ledger Entries
Ledger Entries are the individual records of financial transactions made in the general ledger. Each entry includes details such as the transaction’s date, description, and amount, specifying whether it is a debit or a credit. These entries provide a chronological record of all financial activities, essential for maintaining accurate and complete accounting records.
Ledger Reconciliation
Ledger Reconciliation is comparing the entries in the general ledger with supporting documentation, such as bank statements, invoices, and receipts, to ensure accuracy and consistency. This process identifies and resolves discrepancies, providing the financial records accurately reflect the company’s economic activities and balances.
Assets Reports
Assets Reports are financial statements that provide detailed information about a company’s assets. These reports categorize and summarize all the assets owned by the company, including current assets (like cash and accounts receivable) and non-current assets (like property, equipment, and intangible assets). Assets Reports help assess the value and composition of a company’s assets, which is crucial for financial analysis, planning, and decision-making.
Cash Flow Statement
A Cash Flow Statement is a financial report that shows the inflows and outflows of cash and cash equivalents over a specific period. It categorizes cash flows into three main activities: operating, investing, and financing. This statement provides insights into a company’s liquidity and financial health by showing how cash is generated and used, ensuring it can meet its short-term obligations and fund its operations.
Change of Owner’s Equity Report
The Change of Owner’s Equity Report, also known as the Statement of Changes in Equity, is a financial report detailing the owner’s equity movements over a specific period. It includes net income, dividends paid, capital contributions, and withdrawals. This report provides insights into how the business’s equity has changed due to operational performance and owner-related activities.
Reconcile Statement
A Reconcile Statement, also known as a Reconciliation Statement, is a financial report that compares two sets of records to ensure they agree. It is often used to verify the accuracy of financial accounts by identifying and explaining any discrepancies between the documents, such as differences between the bank statement and the company’s ledger. This process ensures the integrity and accuracy of financial data.