Run Financial Reports

Financial reports are how you communicate the results of a bookkeeping period to your client and satisfy CRA filing requirements. Kuberan Books generates reports in real time — every categorised transaction immediately flows into the reports — so you always have an up-to-date view without a separate closing step.

Navigate to Reports

Inside the client’s Books, click Reports in the left navigation. The Reports screen shows a list of available reports grouped by type.

All standard reports are available from the Reports screen.

Profit & Loss (Income Statement)

The P&L summarises revenue and expenses over a period and shows the net income or net loss for that period.

1. Click Profit & Loss from the Reports screen.

2. Set the date range

   Select the period you want to report on. Common options in the quick-select dropdown:

   • This month, Last month
   • This quarter (based on the client’s fiscal quarter)
   • This year to date, Last year
   • Custom date range

   For management reporting, use the current fiscal year to date. For annual reporting, select the full fiscal year.

3. Choose the accounting method

   The Method toggle at the top lets you switch between Cash and Accrual basis, regardless of the client’s ledger setting. This is useful when the client uses accrual books but wants to see how the numbers look on a cash basis for tax planning.

4. Compare to a prior period (optional)

   Enable the Compare toggle and select the comparison period. Options include:

   • Prior period (e.g., if your date range is Q1 2025, compare to Q4 2024)
   • Same period last year (e.g., Q1 2025 vs. Q1 2024)
   • Budget (if a budget has been entered under Books > Budgets)

   Comparison columns show the dollar variance and the percentage change.

   

   Year-over-year comparison makes it easy to spot significant changes in revenue or expenses.

5. Expand or collapse account groups

   The P&L groups accounts by type. Click any group header (e.g., “Cost of Goods Sold”) to expand it and see the individual accounts within that group.

Balance Sheet

The Balance Sheet shows the financial position of the business at a single point in time: what it owns (assets), what it owes (liabilities), and what the owners have invested (equity).

1. Click Balance Sheet from the Reports screen.

2. Set the as-of date

   The Balance Sheet is a snapshot. Enter the date you want the snapshot taken — usually the last day of the reporting period (e.g., December 31, 2024, or March 31, 2025).

3. Verify retained earnings

   The Equity section of the Balance Sheet includes Retained Earnings. For a clean set of books, Retained Earnings should equal:

   • Prior year retained earnings
   • Plus: net income for the current year (from the P&L)
   • Less: any drawings or dividends paid

   If Retained Earnings does not match your expectations, there may be a transaction posted to an equity account in error. Drill down (see below) to investigate.

4. Compare to prior year (optional)

   Enable the Prior Year toggle to show the balance sheet figures from the same date one year ago side by side.

Trial Balance

The Trial Balance lists every account and its balance (debit or credit) as of a specific date. Its primary purpose is to confirm that total debits equal total credits across the entire ledger — the fundamental check of a balanced set of books.

1. Click Trial Balance from the Reports screen.

2. Set the as-of date.

3. Check the totals row

   At the bottom of the report, the total debit column and total credit column must be equal. If they are not, there is a data integrity issue — likely an import error or a manually entered journal entry that did not balance.

4. Use for period-end spot checks

   Run the Trial Balance at the end of every month as part of your month-end close checklist. Look for:

   • Account balances with the wrong sign (e.g., a credit balance in a normally-debit asset account)
   • Unexpectedly large balances in clearing or suspense accounts
   • Zero-balance accounts that should have activity

Drill down from any report to source transactions

Every number on every report in Kuberan Books is clickable. Clicking on any amount takes you to a filtered list of the underlying transactions that make up that number.

For example, on a P&L:

• Click the $3,450.00 next to “Office Supplies Expense” to see all office supplies transactions for the period.
• Click the $112,500.00 next to “Revenue” to see all revenue transactions.

From the drilled-down transaction list, you can:

• Click any individual transaction to open and edit it
• Export the list to CSV
• Add a filter to narrow further (e.g., by payee)

This drill-down capability is essential for answering client questions and for preparing tax returns — you can move from a report line to the supporting invoices in two clicks.

Export reports

Every report has an Export button in the top-right corner. Options:

Format	Best for
PDF	Sending to clients, including in engagement files
CSV / Excel	Further analysis, importing into tax software
Print	Physical presentation copies

Include reports in engagement files

When you export a PDF, Kuberan stamps the report with the client name, the report date, and the date it was generated. You can attach these PDFs directly to the engagement record under Practice Management for a complete audit trail.

Other reports available

Beyond P&L, Balance Sheet, and Trial Balance, the Reports screen also includes:

• Cash Flow Statement — direct or indirect method; shows operating, investing, and financing cash flows
• AR Aging — which customers owe money and how long it has been outstanding (see month-end close)
• AP Aging — which vendors are owed money and when bills are due
• GST/HST Summary — sales tax collected and ITCs by period (feeds into GST/HST return)
• GIFI Summary — the trial balance grouped by CRA RC4088 GIFI line, ready to hand to T2 / T2125 tax software; the CSV includes a Net Amount column for direct paste. Use it at year-end and check the Missing GIFI only filter in the Chart of Accounts first so every account maps to a return line
• General Ledger — every transaction for every account in a selected period; most detailed report available