Available Financial Statements

The Accounting Dashboard provides access to three financial statements:

Income Statement

This statement shows your income, expenses, and net income over a specified period:

• Summary of total income, expenses, and net income
• Breakdown of income by source with percentage distribution
• Breakdown of expenses by category with percentage distribution
• Visual representations of income and expense distributions
• Detailed transaction listings for both income and expenses

To access: Click the Income Statement card on the Accounting Dashboard.

Balance Sheet

This simplified balance sheet provides:

• Summary of total assets (income) and liabilities (expenses)
• Calculation of net worth
• Listing of income sources as assets with monthly and annual amounts
• Listing of active subscriptions as liabilities
• Visual representation of asset and liability distributions
• Basic financial health indicators including income-to-expense ratio

To access: Click the Balance Sheet card on the Accounting Dashboard.

Cash Flow Statement

This statement tracks your daily cash flow:

• Daily record of income and expenses for a selected month
• Running balance calculation
• Month and year selection for historical data viewing
• Net cash flow calculation (positive or negative)

To access: Click the Cash Flow card on the Accounting Dashboard.

Date Range Selection

You can customize the time period for most reports:

• Income Statement: Select custom start and end dates
• Cash Flow: Select month and year
• Tax Report: Select tax year

Basic Financial Health Metrics

The Balance Sheet section includes two key financial health indicators:

Income/Expense Ratio

This ratio compares your monthly income to your monthly expenses:

• Calculated as: Total Monthly Income ÷ Monthly Expenses
• Interpretation guidance based on ratio value:
• 2.0 or higher: Excellent (income is more than twice expenses)
• 1.5 to 1.99: Good (income significantly higher than expenses)
• 1.0 to 1.49: Adequate (income covers expenses with little margin)
• Below 1.0: Concerning (expenses exceed income)

Net Worth Status

This simple metric shows whether your net worth is positive or negative:

• Calculated as: Total Assets - Total Liabilities
• Visual indicator shows whether your net worth is positive or negative
• A positive net worth indicates your assets exceed your liabilities
• A negative net worth indicates your liabilities exceed your assets

Using Health Indicators

These basic indicators can help you:

• Quickly assess your overall financial status
• Identify if your income adequately covers your expenses
• Track changes in your financial position over time
• Set goals for improving your financial ratios

Annual Tax Report

The Tax Report feature helps you organize financial information for tax preparation:

Report Features

• Annual summary by tax year
• Total income calculation with breakdown by source
• Total expenses calculation with breakdown by category
• Visual charts showing income and expense distributions
• Detailed transaction listings filterable by type and category

Accessing the Tax Report

1. Navigate to the Accounting Dashboard
2. Click on the Tax Report card
3. Select the tax year from the dropdown menu
4. Review the generated report

Using Tax Reports for Tax Preparation

To use the tax report effectively:

1. Generate the report for the appropriate tax year
2. Review income sources to ensure all income is properly reported
3. Identify potentially tax-deductible expense categories
4. Use the print function to create a PDF copy for your records
5. Export data if needed for import into tax software

Exporting Financial Data

The Export Data feature allows you to export your financial data for use in external software:

Export Options

• Date Range Selection: Choose the time period for export (start date and end date)
• Format Options: Export in JSON, CSV, or Excel format, with each format optimized for different uses:
• JSON: Best for importing into web applications or programming environments
• CSV: Compatible with most spreadsheet applications and financial software
• Excel: Ready to use in Microsoft Excel or similar spreadsheet programs
• Data Selection: Export all transactions within the specified period, including transaction details, categories, and payment methods

How to Export Data

1. Navigate to the Accounting Dashboard
2. Click on the Export Data button in the Export Data section
3. On the Export Data page, select the start and end dates for the period you want to export
4. Choose your preferred export format (JSON, CSV, or Excel)
5. Click Export Data to generate and download the file
6. The browser will download the file in your selected format

Common Export Uses

Exported data can be used for:

• Importing transactions into accounting software
• Creating custom reports in spreadsheet applications
• Sharing financial data with financial advisors or accountants
• Creating data backups for your records
• Performing advanced analysis using specialized tools

Getting the Most from Your Accounting Dashboard

• Establish a regular review schedule - Set aside time monthly to review key reports
• Maintain clean data - Ensure transactions are properly categorized
• Document unusual transactions - Add notes to explain non-routine financial events
• Save reports regularly - Use the print function to save reports as PDFs
• Review financial indicators - Track basic metrics over time to spot trends
• Use tax reports throughout the year - Update and review quarterly, not just at tax time

Recommended Review Process

1. Review the Income Statement monthly
2. Check Balance Sheet for any significant changes
3. Review Cash Flow statement to understand daily patterns
4. Check Income/Expense ratio for financial stability
5. Update tax report quarterly
6. Export data monthly for backup purposes

Quarterly and Annual Reviews

Common Accounting Dashboard Issues and Solutions