Financial Statements represent a formal record of the financial activities of a business or corporation. These are written reports that represents the financial position, performance and liquidity of a company. Financial Statements reflect the effects of business transactions and events of the business.
Balance Sheets and Cash flow reports
One of the advantages of financial statements and reporting in the Cubit system is that the movements in nominal ledger accounts are automatically generated when the user views a balance sheet. The movement generated covers the current month and the period from the commencement of the financial year to the date of the current month. The user is also able to review these movements on the financial statements in respect of any month during the financial period and during any period of the previous financial period. The only action necessary by the user in order to produce a cash flow statement is to eliminate all the non-cash items in the income statement, such as depreciation. This feature is a differentiating function and ensures easy exports to further customise the financial statements for interpretive purposes.
Financial statements can be viewed by clicking on the top menus Accounting and then Financials and then on show all report options.
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