Accounting & Financial Reports

Accounting and financial reports are an overview of the financial results, financial position, and cash flows of a business. In order to assess a business’s performance and financial position, all its transactions have to be summarised and analysed over a period of time. This is where accounting reports enter the picture. They help you organise and present raw financial data, and turn it into useful information.

What is the easiest way to do this? With TallyPrime, of course. You can generate accounting reports like Balance Sheet, Profit and Loss A/c, Receivables and Payables, Cash Flow statement, and so on. With these reports under your belt, you will have an in-depth view of how your business is doing, who your best customers are, the state of your cash flow, eligibility for business financing or loans, and so on.

Balance Sheet is a real-time snapshot of your company’s financial position at any point in time. It provides a clear picture of your assets, liabilities, and equity, and also shows the resources that your company owns and owes, along with the sources of financing for those resources.

For more details, refer to our article on Balance Sheet in TallyPrime.

Profit & Loss (P&L) A/c is an overview of your total revenue and total expenses incurred over a period of time. You can use this information to determine the total profit or loss to your company over the accounting period. The P&L statement is a good indicator of a company’s ability to generate sales, manage expenses, and create profits.

For more details, refer to our article on P&L statement in TallyPrime.

Cash Flow statement summarizes the flow of cash into and out of your business over a period of time. It also indicates which areas of your business are generating and using the most cash, and which areas could benefit from a boost of cash. The cash flow statement is also used to estimate future cash flow which will be helpful with budgeting and decision making.

For more details, refer to our article on Cash Flow in TallyPrime.

Funds Flow statement shows the inflow and outflow of funds (or sources and applications) for a particular period. Analysis of the Funds Flow statement will help you find out whether the working capital has been used effectively or not, and whether the level of working capital is adequate for the requirements of the business.

For more details, refer to our article on Fund Flow in TallyPrime.

Receivables: When you make some purchases or obtain services from your vendors, you need to keep track of all the payments that you have to make within the due dates. All such pending payments to your parties are outstanding payables. The Outstanding Payables report in TallyPrime gives you an overview of what your business owes for supplies, inventory, and services.

For more details, refer to our article on Receivables in TallyPrime.

Payables: When you do sales on credit, you would certainly need to keep track of the due amounts that your parties owe you. All such dues from your parties will be your outstanding receivables. Managing the outstanding receivables can be critical to your business because it not only helps to understand how much your parties owe you, but also helps you to recover the dues on time and use it for your business, as needed.

For more details, refer to our article on Payables in TallyPrime.

Trial Balance shows the total of the debit and credit balances recorded in various ledger accounts. It will help you ensure that the entries in your company’s books are mathematically correct at the end of every reporting period. The Trial Balance ensures that for every debit entry, there is a corresponding credit entry in the books. Thus, the sum of all debits has to be equal to the sum of all credits.

This is in accordance with the double entry accounting principle, which says that for every debit, there has to be an equal credit.

For more details, refer to our article on Trial Balance in TallyPrime.

Day Book is a book of original entry in which daily logs of transactions are recorded as they occur. All kinds of transactions – financial vouchers, reversing and memorandum vouchers, as well as inventory vouchers – will find a place in Day Book.

For more details, refer to our article on Day Book in TallyPrime.

Accounting registers bring together the transactions of a particular type, so that you can easily view (or print) the required details. For example, in a Sales Register, you can see the summary of your sales transactions for a particular period. Similarly, you can make use of a number of accounting registers depending on your needs, such as Purchase Register, Journal Register (Credit/Debit Note Register), Payment Register, and so on.

For more details, refer to our article on Sales Registers in TallyPrime.

Ratio Analysis is used to mathematically compare various accounts or categories in your books, such as Working Capital, Bank Balances, amount due from Sundry Debtors/Creditors, Nett Profit, and so on. This comparison will help you look at the financial position of your business from different lenses, and assess the areas that are doing well and the areas that need improvement.

There are a number of financial ratios that help in this analysis, such as Current Ratio, Debt/Equity Ratio, Gross Profit %, Quick Ratio, and so on.

For more details, refer to our article on Ratio Analysis in TallyPrime.

Cash Book records all the transactions that affect cash, that is, all the receipts and payments of cash.

For more details, refer to our article on Cash Book in TallyPrime.

Bank Book records all the receipts and payments that are made through the bank.

For more details, refer to our article on Bank Book in TallyPrime.

Statistics displays the Masters that have been created in TallyPrime, and the number of vouchers types that have been used. You can view the transactions by drilling down from this report.

For more details, refer to our article on Statistics in TallyPrime.