To close your business year and capture year-end information, we recommend printing five specific reports for tax purposes.
- From the sidebar navigation, Reports, then choose one of the reports listed below.
- From the Date Range screen, if necessary change the Start and End dates (or choose from the quick pick list) then click.
- From the print preview form, click .
- After printing, repeat steps 1 through 3 for each report.
- Summary of Expenses:
This report lists a summary of expenses, income, and mileage within a given time period grouped by category.
- Gross Receipts:
This report lists gross personal sales for a given time period grouped by the type of sale, along with the discounts given.
- Inventory Purchases:
This report lists total products purchased from the company within a given time period. Each order is a separate line item with totals given for Section 1, 2 and Sales Tax.
- Non-Recovered Tax:
This report is a running account, during a specified period of time, of each transaction where the amount of sales tax collected differs from the amount your business paid when the product was purchased from the company.
- Inventory Listing by Category:
This report lists the wholesale value or cost of goods of all products you have on hand, sorted by category. Important Note: It is important to run this report as close to the year-end as possible, but before any inventory orders are entered for the new tax year. This report can only capture your current inventory value when the report is run.
To print an inventory worksheet, see Take a Physical Inventory Count for more information. If you need to make minor adjustments to your on-hand amounts, see Edit Item Quantity or Inventory Count for more information.