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- Small Business Accounting
- Features
- Statements and tax reporting
Statements and tax reporting
Read financial statements with a path back to their source entries. The trial balance provides the starting reconciliation: debit and credit balances come from posted journal lines in the selected entity. The balance sheet and income statement classify those same accounts for their different purposes. A readable chart of accounts is useful context, but a list of accounts alone is not a calculated financial statement.
OverviewRecent Journal Entries×
Small Business Accounting · Statements and tax reporting
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Recent Journal Entries
Journal entries
| Journal entry number | Date | Description | Source | Total debit | Total credit | |
|---|---|---|---|---|---|---|
| JE-54461 | 10 Oct | Monthly rent for workshop | Manual | 760 | 760 | |
| JE-27322 | 12 Oct | Customer payment on April invoice | AR | 550 | 550 | |
| JE-54420 | 09 Oct | Supplier bill for packaging | AP | 430 | 430 | |
| JE-60339 | 15 Oct | Payroll funding transfer | Expense | 770 | 770 | |
| JE-26246 | 20 Oct | Bank fee for outgoing wire | Bank | 540 | 540 |
6 of 6 records
Monthly rent for workshopJournal entries · JE-54461
ManualDate10 Oct
Total debit760
Total credit760
StatusPosted
What you can do
Keep the business context together
Trial balance, balance sheet, income statement and cash flow reporting use posted ledger data for a defined entity and date range. Receivable and payable aging use outstanding document balances and due dates. Keep report currency and reporting basis visible so comparisons refer to the same accounting context.
Receivable and payable aging explain open invoices and bills by their remaining amounts and due dates. Compare these subsidiary totals with the corresponding ledger control accounts. An issued invoice with a partial receipt belongs in aging only for its unpaid balance, while a cleared supplier payment reduces the related payable.
Give each decision a clear owner
Controller / CFO reviews the account mapping and tax-reporting configuration. Viewer can inspect permitted results without changing accounts, transactions or rates. Report exports retain the selected period and source revision; an external filing or accounting acknowledgment remains a separate recorded outcome.
Reporting periods and currencies must be explicit. A monthly income statement and a year-to-date statement cover different activity even when their headings look similar. Amounts from unrelated currencies cannot be added into one meaningful total without the configured conversion basis and the supporting exchange-rate treatment.
Handle exceptions with the original record
Do not label a generic account list as a calculated statement. Reports must reconcile to journal lines and subledger totals before they are accepted. Tax-rate tables alone do not establish liability, deductibility or a completed filing. Unsupported classifications remain review items with their source evidence.
Tax workpapers retain the rates and invoice or bill amounts that applied to the original transaction. Updating a current rate must not recalculate historical tax silently. Review taxability, effective dates and jurisdiction with the responsible accountant, then preserve the source records that explain how the reported amount was assembled.
Find the work that needs attention
A correction posted after an earlier report can change a later reporting view. Keep the report’s period and source basis available so the owner can distinguish the earlier publication from the updated books. A filing service’s receipt is separate evidence; generating a workpaper does not create acceptance by a tax authority.
Configure it around your business
Configure the report mappings from the chart of accounts and reconcile known opening figures before sharing statements. Trace a customer invoice, supplier bill, bank fee and correcting journal into their statement lines. Group consolidation, eliminations and budgeting require their own systems and are not implied by viewing several entity-level reports.
Comparative columns should use matching account classifications and clearly identified periods.
What your team sees
- Recent Journal Entries — Review the work and supporting records for this module.
What it keeps track of
Data model- Chart of accounts
- The account master. Self-parenting tree supports roll-up into summary accounts. Optional
Entitytag on each account for the two-to-three entity case. - Journal entries
- GL journal entries — manual, subledger-auto-posted, or reversing. State:
Draft → Posted → Reversed. - Journal entry lines
- Line-level debits and credits with account and optional FX amount.
- Tax rates
- Named sales / purchase tax rates. One GL account each (Tax Payable or Receivable), a direction, an effective window. One-to-two jurisdiction SMB is the intended shape.
- Invoices
- Customer invoices.
- Bills
- Vendor bills.
Who uses it
Permissions- Controller / CFO
- Controller / CFO works within the record, field and action scope below.
- Viewer
- Viewer works within the record, field and action scope below.
- Admin
- Admin works within the record, field and action scope below.
Set up Small Business Accounting your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.