Accounting reports

Read P&L and balance sheet reports, then trace account transactions

Use P&L and balance sheet reports for the month-end overview, then trace one account transaction when a number needs an explanation.

5 min read Updated Mar 18, 2026 Managers and bookkeepers reviewing the books

These reports answer different month-end questions: operating performance, financial position, and the detail behind one account balance.

Start broad with P&L and Balance Sheet, then drill into Account Transactions when a number needs explanation.

Quick facts

Start here

P&L shows operational performance.
Balance Sheet shows the financial position at a point in time.
Account Transactions is the detail view that explains one suspicious line.

Step 1: Read the summary reports first

Use P&L for performance and Balance Sheet for position.
Look for changes that are too large, too sudden, or hard to explain.
For a quick scan before opening detailed reports, use the accounting performance dashboard.

Profit and loss report showing income and expense lines — Start broad with the P&L so you can see operating performance before chasing detail.

Balance sheet report showing assets, liabilities, and equity — Read the balance sheet beside the P&L so you understand financial position as well as performance.

Step 2: Drill into one account only when needed

Open the account transaction report when a summary line needs proof.
This keeps review efficient and still gives you depth when something is off.
If a bank balance does not match the statement, follow bank statement reconciliation.

Account transactions report showing account-level detail — Use the account transaction report as the proof layer when one summary line needs explanation.

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