Mastering QuickBooks 2020

Preparing key financial reports

After you have completed the first seven steps in the closing checklist, you are ready to prepare financial statements. There are three primary financial statements you will need to prepare: the Trial Balance, the Balance Sheet, and the Income Statement (Profit and Loss). In Chapter 10, Business Overview Reports, you learned what Balance Sheet and Income Statement reports are, how to interpret the data, and how to generate these reports in QuickBooks. Your accountant or certified public accountant (CPA) will also request a Trial Balance report. A trial balance report lists all of the debits and credits recorded in QuickBooks for the period. If everything has been properly recorded, debits will always equal ...