Once the data entry is completed in the accounting software, the last step is to generate the reports for management to review and analyse. The accounting systems should generate and provide the following accounting reports:
- Trial Balance – Monthly / Yearly;
- Profit and Loss Statement – Monthly / Yearly / Multi-Period;
- Balance Sheet;
- General Ledger – Detail / Summary Monthly / Yearly;
- Trade Debtors – Ageing Detail / Summary;
- Customer Statement of Account – Monthly / Yearly;
- Trade Creditors – Ageing Detail / Summary;
- Supplier Statement of Account – Monthly / Yearly;
- Inventory Report;
- Bank Reconciliation Report;
- GST Report – Monthly / Yearly;
- Journal Report – Monthly / Yearly.
Screenshot view of a typical report generation module in MYOB software as shown below:
