Reviewing the current financial position

The current financial position of the business can be viewed on the “Current Balance” and “Current P&L” screens. These two screens show the current position based on all information entered into the program so far.

Current Balance Sheet

The "Current Balance" screen is synonymous with the "Balance Sheet" report. It shows the current financial position of the business based on all currently entered transactions.

Current P&L Statement

The "Current P&L" screen is synonymous with the "Profit & Loss Statement" report. It shows the profitability of the business for the current financial year based on all currently entered transactions.

If you wish to view the financial position as of a particular date then you can use the reports for “Balance Sheet” and “Profit & Loss Statement” to get the same information as of a particular date or date range in the case of the profit & loss statement.

The "Income Statement" is also known as a “Profit and Loss Statement”.