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Financial statements

Financial statements are the formal summary reports of your school's financial position and performance. The system generates three standard financial statements automatically from your recorded transactions: the Trial Balance, the Income Statement (Profit & Loss), and the Balance Sheet.

These reports are typically shared with the school board, governing body, and external auditors.

Trial Balance​

Navigation: Finance → Trial Balance

The trial balance lists every account in the chart of accounts with its total debit and credit balance for a given period. The sum of all debits must equal the sum of all credits — if they don't, there is an accounting error.

Trial Balance showing accounts grouped by type with debit and credit totals confirming they balance

Generating a trial balance​

  1. Open Finance → Trial Balance
  2. Select the date range (typically a financial year or term period)
  3. The report is generated automatically
  4. Click Export to download as PDF or CSV

Reading the trial balance​

ColumnDescription
Account codeThe GL account code
Account nameDescription of the account
Opening balanceBalance at the start of the period
Period debitsTotal debits during the period
Period creditsTotal credits during the period
Closing balanceBalance at the end of the period

The bottom rows show the grand total for debits and credits — they must match (balance). If they don't match, investigate unbalanced journal entries.

Income Statement (Profit & Loss)​

Navigation: Finance → Income Statement

The income statement shows the school's revenue and expenses over a period, resulting in a surplus (profit) or deficit (loss).

Income Statement showing revenue, expenses, gross surplus, and net surplus/deficit sections

Income statement structure​

INCOME
  Tuition income             $ X,XXX
  Examination fees           $   XXX
  Registration fees          $   XXX
  Other income               $   XXX
  ─────────────────────────────────
  Total income               $ X,XXX

EXPENSES
  Staff salaries             $ X,XXX
  Utilities                  $   XXX
  Stationery & supplies      $   XXX
  Maintenance & repairs      $   XXX
  Other expenses             $   XXX
  ─────────────────────────────────
  Total expenses             $ X,XXX

  ═════════════════════════════════
  NET SURPLUS / (DEFICIT)    $   XXX

Generating the income statement​

  1. Open Finance → Income Statement
  2. Select the period — typically by term or full academic year
  3. Click Generate
  4. Review the figures
  5. Click Export PDF to produce a printable report

Comparing periods​

Use the Compare toggle to see two periods side by side (e.g., Term 1 2026 vs Term 1 2025). This helps identify trends in income and spending.

Balance Sheet​

Navigation: Finance → Balance Sheet

The balance sheet shows the school's financial position at a specific point in time — what the school owns (assets), what it owes (liabilities), and its net worth (equity).

The fundamental equation:

Assets = Liabilities + Equity

Balance Sheet showing assets and liabilities + equity columns with totals confirming both sides balance

Balance sheet structure​

ASSETS
  Current assets
    Cash at bank             $ X,XXX
    Accounts receivable      $ X,XXX  ← Outstanding fees from students
    Prepayments              $   XXX
  Fixed assets
    Buildings & land         $ X,XXX
    Equipment                $   XXX
  ─────────────────────────────────
  Total assets               $ X,XXX

LIABILITIES
  Current liabilities
    Accounts payable         $   XXX  ← Unpaid supplier invoices
    Deposits received        $   XXX
  ─────────────────────────────────
  Total liabilities          $   XXX

EQUITY
  School fund                $ X,XXX
  Accumulated surplus        $   XXX
  ─────────────────────────────────
  Total equity               $ X,XXX

  Total liabilities + equity $ X,XXX  ← Must equal Total assets

Generating the balance sheet​

  1. Open Finance → Balance Sheet
  2. Select the as-at date (the date you want the snapshot for — typically the last day of a term or financial year)
  3. Click Generate
  4. Export as PDF for board reporting

Best practices for financial reporting​

  • Run the trial balance first at the end of each period to verify your books are balanced before producing the income statement and balance sheet
  • Reconcile before reporting — complete your bank reconciliation before generating financial statements to ensure accuracy
  • Export and archive statements at the end of each term and financial year — keep them as official records
  • Share with the board — provide the income statement and balance sheet to the school board at each board meeting (typically end of term)
  • Year-end closing — at the end of the financial year, your accountant should post a closing journal entry to transfer the net surplus/deficit to retained equity