How to Create Accounting Reports

Accounting reports are one of the crucial documents of your business. It’s essential to create them to know about the aspects that affect your business financially. By following the given steps, you can create different accounting reports.

Menu Path: Accounting > Masters > Accounts

Setting up the Accounts

Menu Path: Admin > System Settings > Default Settings > Accounting > Accounts /Currency/ Sundry tabs 

The Accounts set here will be applicable across the database for the respective transactions made.

However, this can be overwritten by setting Accounting entries in the Category, Product, Customer, or Supplier Master.

Journals

Whenever transactions (that affect Stock or currency inflow/ outflow) are made in Greenestep, the Journals are created and the Accounting entries are made based on the settings. The Journals can be created manually also.

Once the Journals are created, they can be posted.

Ledger Account

Once the Journals are posted, the Transactions and Accounting entries are available in the respective Ledger Account. To view the Accounting entries of each Ledger Account: 

Menu Path:  Accounting > Master > Accounts > Select the Account > Menu > Accounting Entries

In the Accounting Entries window, select the period and there is an option to include unposted Journals also.

Note: The amount shown in the report for the particular period (here month) will match the Net Amount of the Ledger Accounting entries for the same period.

General Ledger Activity Report

Menu Path: Accounting > Reports > Accounting Reports > General Ledger Activity Report

Note: This Report takes into account the Opening Balance and the Accounting activity for the selected period. The Balance shows the net of these values.

Balance Sheet Report

Menu Path: Accounting > Reports > Accounting Reports > Balance Sheet Report

Note: This Report shows the Total Assets, Total Liabilities, and Total equity for 

the selected period.

End Result: The accounting reports have been created.