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The Reports module consolidates information from other modules of Easy Business App:
- Payslip data (wages, super, tax) from Payroll
- Invoice data (including payments and outstanding debts) from Invoicing
- Ins and Outs from Cashflow
To learn more about the Dashboard view of Reports, refer to the article Reports Reporting Dashboard Overview.
Reports Available in Reports
There are a number of different reports available - all designed to give you clear visibility into your business. Of most interest are the Business Reports which include your core business reports, including a Profit and Loss report and the BAS Report.
The "For Advisors" section includes reports that are generally of more interest to your bookkeeper and accountant, such as a Balance Sheet, Trial Balance and GL Reports. This is also where manual journals live in Easy Business App:
Reports from other modules (Payroll and Invoicing) are also available from within Reports for convenience - the reports are the same as those found directly in each module.
One of the best features in Reports is the ability to drill down from one report, into a more detailed report, and from there directly to the source document (i.e. a payslip, invoice, or expense/income item). This functionality is incredibly handy for understanding what is going on in your business, and for spotting anything that may be missing (e.g. a missing invoice payment, or a missed employee payslip).
Profit & Loss Report
Purpose
Shows all business income and expenses at the time they are incurred, which is not necessarily the time they are actually paid. This is the best way to see how profitable your business actually is (but not how healthy your cash position is!)
Example
This includes all your income, expenses (incl. Cost of Goods Sold) and calculates your net profit for the period.
Consider the accounting when you have payslip in January, a Profit & Loss report will show in January all the costs associated with that payslip: The net pay that you pay your staff, the tax that you will need to pay the ATO, and the super that you need to put into your staff super funds. Note that even though you might not pay the tax to the ATO for 2 months, and you might not put super into your staff super accounts for 3 months, it is all included in the profit and loss report. As its showing all the costs associated with the payslip. IE it gives you an idea of your actual costs, not just the ones you’ve actually paid for at that time.
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Notes
- The Accrual P&L Report records income from invoices when they are created. The income is recorded on the invoice document date, regardless of when (or if) it has been paid by the customer. The purpose of this approach is so that you can report the income you receive in the same period that you provide the goods or services to your customer. I.e. you spent the effort serving your customer this month, so you show the income from that effort recorded this month, the same time you paid your expenses (eg staff wages) to provide those services.
- The Cash basis P&L Report records income from invoices when they are paid. So the income is reported on the date of payment, instead of the invoice document date.
BAS Report
Purpose
Allows you to see all your BAS figures in one simple place. It contains the exact figures (labeled G1, 1A, 1B, W1 and W2) that you need to enter in your quarterly (or monthly) BAS lodgement.
Example
By utilising all of Easy Business App's modules to keep track of your invoices, income, expenses and wages, getting the numbers for your BAS report is as simple as selecting the appropriate date period and entering the values into the ATO online form.
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Notes
Many small businesses report their BAS lodgements on a cash basis (i.e. based on the actual money received into the business) rather than on an accrual basis (based on the amount invoiced, but not necessarily paid). Talk to your accountant or bookkeeper to double-check your reporting method if you're not sure. Both Accrual and Cash BAS reports are available in Easy Reports to cater for this.
Category Summary Report
Purpose
Shows a sum total for the period for each category. This report allows you to drill-down into any row just by clicking on it. Clicking on any row will drill down to the Category Detail report and show you a line-by-line breakdown of each document.
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Category Detail Report
Purpose
Shows a view of all the items against a selected category. This report is useful for drilling down into the document-level detail and really understanding where certain numbers may be coming from. Clicking on any row will drill down to the document (payslip, invoice, in, out) that the figure relates to. In the screenshot below we see the Sales Income account, so clicking will drill-down directly to the related invoice.
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