> For the complete documentation index, see [llms.txt](https://now-8.gitbook.io/now.-features/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://now-8.gitbook.io/now.-features/reports-and-period-close/financial-reports.md). # Financial Reports now. generates the four standard financial reports your accountant, bank, or investors may ask for. Every report pulls its numbers from your journal entries — the same double-entry records that power the rest of the app — so what you see is always consistent with the underlying ledger. Reports can be exported as images for easy sharing. #### Accessing Reports From the bottom tab bar, tap **Reports**. You'll see four options: * Balance Sheet * Profit & Loss * Trial Balance * General Ledger #### Profit & Loss The Profit & Loss report (also called an Income Statement) shows how much your business earned, how much it spent, and your net income over a period. **What It Shows** Five swipeable cards: 1. **Income** — Revenue from sales and services 2. **Cost of Goods Sold** — Direct costs tied to what you sell (including inventory items shipped) 3. **Expenses** — Operating costs like rent, supplies, and subscriptions 4. **Other Income / Expenses** — Non-operating items like interest income 5. **Summary** — Net income (Income − COGS − Expenses ± Other) Each card shows individual accounts with their totals for the selected period. Only accounts with activity appear. **Period Options** * This Month * This Quarter * This Year * Year to Date (based on your fiscal year start month) * Custom range The header reads **"For the period \[start date] to \[end date]"** so you always know what you're looking at. **Exporting** Export is available from the **Summary** card. Tap the export button to share the report image (Messages, Mail, AirDrop, save to Photos, and so on). #### Balance Sheet The Balance Sheet shows what your business owns, what it owes, and your equity at a specific point in time. It always satisfies **Assets = Liabilities + Equity**. **What It Shows** Four swipeable cards: 1. **Assets** — Bank accounts, accounts receivable, inventory, fixed assets, and other assets 2. **Liabilities** — Credit cards, accounts payable, sales tax payable, loans, other liabilities 3. **Equity** — Owner's equity, retained earnings, current-year net income, contributions, draws/distributions 4. **Summary** — Totals and the balance check **How Equity Works** The equity section includes: * **Retained Earnings** — Net income accumulated from all prior closed fiscal years. * **Current Year Net Income** — Year-to-date profit, calculated from income, COGS, and expense accounts for the current fiscal year. * Other equity accounts (owner's contributions, draws, distributions, common stock, etc.) appropriate to your entity type. **Period Options** The Balance Sheet is an **"as of"** report — it shows your position at a specific date, not a range: * End of this month * End of this quarter * End of this year * Custom date The header reads **"As of \[date]"**. **Exporting** Export is available from the **Summary** card. #### Trial Balance The Trial Balance lists every account with a non-zero balance and verifies that total debits equal total credits as of a specific date. It's a sanity-check tool for your books. **What It Shows** Three swipeable cards: 1. **Debits** — All accounts with debit balances 2. **Credits** — All accounts with credit balances 3. **Summary** — Totals and the balance check **Period** Like the Balance Sheet, the Trial Balance is an **"as of"** report. **Exporting** Export is available from the **Summary** card. #### General Ledger The General Ledger is the most detailed report. It shows every journal entry for each account over a selected time period — the complete paper trail of your books. **What It Shows** * A scrollable list of accounts, each showing its individual journal entries within the selected period. * Each entry shows the date, description, and debit or credit amount. **Filtering** You can filter by a specific account to focus on just the activity you need, or view all accounts with activity at once. **Period** The General Ledger shows activity **for a period** (a date range), like the Profit & Loss. **Exporting** Tap the export button to share the ledger as an image. The button is enabled once the report has loaded with at least one account showing activity. #### How Reports Stay Accurate All four reports pull from **journal entries** — the double-entry accounting records now. creates behind the scenes. Every categorized transaction, invoice, bill, transfer, inventory movement, and manual adjustment flows through journal entries, which means your reports always reflect the complete picture. Raw bank transactions that haven't been categorized **do not** appear in reports. #### Reporting Basis Reports are presented on an **accrual basis**: income is recorded when invoices are created (not when cash arrives), and expenses are recorded when bills are created (not when they're paid). If your tax filing requires cash-basis numbers, your accountant can adjust as needed. #### Related * Transactions * Reconcile * Close Books * Inventory and COGS --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. 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