Streamline Your Workflow with the Ultimate Pipeline Tracking Tool for Accounting and Tax

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Welcome to an overview of the reports in your Wave account, where we'll go over how to find, generate and understand the reports that help small business owners manage their money with confidence every day. Let's go! Click Reports on the left navigation menu in the Wave dashboard. You'll find the reports organized into six sections: Financial statements, Taxes, Payroll Customers, Vendors, and Detailed reporting. For most reports, you can switch between two report types. Accrual-basis includes all your transactions, including accounts payable and receivable, while cash-basis excludes your accounts payable and receivable. Reports default to Accrual-basis, but you can toggle to Cash-basis anytime from within the applicable reports by clicking "Report Type" choosing your selection, then clicking "Update Report". To export your reports in a CSV or PDF format, just click the Export button at the top right of any report. First, let's talk about one of the stars of the show: the Profit and Loss Report, also known as the Income Statement. It shows you your total income and expenses for a selected period. When you first generate the report, you'll see a summary that gives you a simple breakdown of your total income minus the total cost of goods sold, minus total operating expenses, generating the net profit total. Click on Show Details and expand each section to show your income and expenses broken down by account. Okay, time for another one of your most important reports: the Balance Sheet, which provides you with an overall picture of the value of your business at any given time. When you generate a Balance Sheet, you'll first see an overview with a simple breakdown of your assets, liabilities, and equity accounts. There is a lot of detail in this section to give you a clearer picture of your business value with each Balance Sheet you generate. Another important report is the Cash Flow Statement. This report shows how much money is moving in and out of your business, helping you see how much you have available to use at a given time. At the top of the report, you'll see the Net Cash Change for the reporting period you've selected. This measures your cash inflow minus your cash outflow to provide you with an understanding of how much actual cash you brought in after expenditures. If your business charges or recovers sales taxes, the Sales Tax Report shows the tax you've collected on sales and paid out purchases, together with the amount owed or due from the government, so you can file your taxes accurately. If you're in a region that conducts tax reporting on a cash-basis, remember, you can easily switch the report type to the Cash Basis version. Next, let's check out the Income by Customer Report, where you can see all your income broken down by each customer. The All Income column includes unpaid invoices, while the Paid Income column only shows income from the invoices marked "paid". You can click on a specific amount on the report to get a detailed view of all the transactions for that customer in the Account Transactions Report. Let's move on to the Purchases by Vendor Report, which is exactly as it sounds, a breakdown of the purchases you've made from each of your vendors. The All Purchases column includes paid and unpaid bills, while Paid Purchases only includes paid bills or expense transactions. Next up is the Aged Receivables Report, which tells you how much money is due to you, who owes it, and when it might be time to send a friendly reminder. While the Aged Payables Report shows you a breakdown of your bills, who they're owed to, and if any are overdue. In the Account Balances Report, you'll find the total balances of each of your accounts in one place. The balances you'll see are determined by the date range that's set when generating the report. The Trial Balance Report provides a similar breakdown of the balances of your accounts. But balances are determined by the end date that you set, and the starting balance in the account. At the bottom of this report, you'll see the total debits and credits for all accounts. Last but not least, the Account Transactions Report offers a detailed view of all the transactions by account with the option to filter for a single account, or filter by contact to view all transactions for a specific vendor or customer. In addition to Accrual and Cash Basis, you can also switch this particular report type to "Cash Only", at the top of the page. Each account's totals are broken down by the Starting Balance and Balance Change, so you can view all the progress your business is making. Phew! That was a lot. Thanks for sticking with us! Now that you understand the Reports feature, you have the power to know your business better and make smart money decisions!