- Overview
- Navigating to Reports
- Available Report Types
- Selecting a Time Period
- Understanding the Report View
- Editing Report Settings
- Downloading Reports
- Tips for Accurate Reports
Overview
Pricefic generates three types of financial reports:
- Trial Balance — Verifies that your books are balanced
- Balance Sheet — Shows your business's financial position at a point in time
- Income Statement — Shows profitability over a period
These reports are built from your recorded transactions and chart of accounts. Accurate transaction recording leads to accurate reports.
Navigating to Reports
Click Reports in the sidebar navigation. If you manage multiple businesses, select the one you want to view reports for. Each business has its own independent set of reports.
Available Report Types
Trial Balance
The trial balance lists all accounts with their debit and credit balances. Its primary purpose is to verify that total debits equal total credits — a fundamental rule of double-entry bookkeeping.
If debits and credits do not match, it indicates an error in your transaction records that needs to be corrected.
Balance Sheet
The balance sheet shows your business's financial position by displaying:
- Assets — What your business owns
- Liabilities — What your business owes
- Equity — The owner's stake in the business
The balance sheet follows the accounting equation: Assets = Liabilities + Equity. Pricefic validates this equation automatically.
Income Statement
The income statement (also called a profit and loss statement) shows:
- Revenue — Total income earned during the period
- Expenses — Total costs incurred during the period
- Net Profit or Loss — Revenue minus expenses
This report tells you whether your business is profitable over the selected time period.
Selecting a Time Period
Use the year selector to view reports for different years. Reports display data for the selected date range, allowing you to compare performance across periods.
Understanding the Report View
Reports display in a formatted table directly on the page. Each row shows an account name with its corresponding balance. Totals and subtotals are clearly highlighted.
You can scroll through the data to review all accounts included in the report.
Editing Report Settings
Click Edit to adjust the report's parameters:
- Date range — Set custom start and end dates for the reporting period
- Accounting basis — Choose between Accrual or Cash basis
Accrual Basis
Records revenue when it is earned and expenses when they are incurred, regardless of when cash changes hands. This method gives a more complete picture of your financial obligations.
Cash Basis
Records revenue when cash is received and expenses when cash is paid. This method is simpler and shows your actual cash flow.
Choose the basis that matches your business's accounting practices or your accountant's recommendation.
Downloading Reports
Pricefic lets you download reports in more than one format.
Use Download as PDF when you want a polished document for sharing or archiving. Use Download as CSV when you want to work with the report data in a spreadsheet or another analysis tool.
PDF exports are useful when you want to:
- Share reports with your accountant
- Keep offline records for tax season
- Present financial data to stakeholders or partners
CSV exports are useful when you want to:
- Open the data in spreadsheet software
- Perform extra calculations
- Reformat the report for your own internal analysis
Tips for Accurate Reports
- Post your transactions — Only posted transactions affect account balances and appear in reports. Review and post draft transactions regularly.
- Categorize properly — Assign the correct chart of accounts category to every transaction. Miscategorized transactions lead to misleading reports.
- Set up your chart of accounts first — Before generating reports for the first time, review and configure your chart of accounts to match your business structure.
- Reconcile regularly — Compare your Pricefic records against your bank statements to catch discrepancies early.