Reviewing Financials

Introduction

This article guides you through the key functionalities of Tax Sorted, from accessing the General Ledger for transaction overview to analysing Profit & Loss statement and Balance Sheet for financial performance insights. Learn how to navigate Trial Balance to review accounts and manage the Journal. Whether you're adding review notes, attaching documents, or refreshing data, Tax Sorted empowers you with robust tools to enhance your financial workflow and maintain precision reporting.

General Ledger

The General Ledger provides a comprehensive overview of financial transactions within the selected specified period. It includes columns of Date, Account Code, Source, Description, Reference, Debit, Credit, Balance, GST, GST Rate, and GST Rate Name. You can attach documents to line items, filter columns, export data, notify reviewers, and refresh Xero data.

How to View General Ledger

Step 1: Head over to the Job Dashboard after a successful login.

Step 2: Click on Financial Reports > General Ledger from the navigation menu.

Step 3: View the General Ledger displayed, and click on the calendar icon to select a date range.

Step 4: Add new journal by clicking Add Journal.

Step 5: Filter columns and change their placement using the Column button. You can click on Reset All to reset the changes.

Note: Blue checkboxes can be unselected but the grey ones are default and can not be removed.

Step 6: Export ledger details as an Excel file.

Step 7: Notify Reviewers or Refresh Xero Data as needed.

Profit & Loss

The Profit & Loss statement summarises revenue, expenses, and net profit (or loss) over a specific period. This information is imported from Xero Ledger. It consists of Accounts, Code, Current Year, Previous Year, Variance Amount, and Variance Percentage columns. You can also attach workpapers, and documents, and add review notes.

How to Access Profit & Loss

Step 1: Head over to the Job Dashboard after a successful login.

Step 2: Select Profit & Loss from the menu.

Step 3: Attach workpapers or documents, and add review notes as needed.

Balance Sheet

The Balance Sheet provides a snapshot of a company's financial position and is imported from Xero Ledger. It includes assets, liabilities, and equity. The columns include Account, Code, Current Year, Previous Year, Variance Amount, and Variance Percentage. You can attach workpapers, and documents, and add review notes.

How to Access Balance Sheet

Step 1: Head over to the Job Dashboard after a successful login.

Step 2: Click on Balance Sheet from the menu.

1. Review assets and liabilities.
   
2. Analyse variances and percentages.
   
3. Attach supporting documents or workpapers.
4. Add review notes or annotations as necessary.

Trial Balance

The Trial Balance summarises all the balances of ledger accounts at the end of a reporting period. It includes Accounts, Code, Current Year, Previous Year, Variance Amount, and Variance Percentage columns. You can attach workpapers, and documents, and add review notes for better analysis.

How to Access Trial Balance

Step 1: Head over to the Job Dashboard after a successful login.

Step 2: Choose Trial Balance from the navigation menu.

1. Review account balances for the current and previous years.
   
2. Analyse variances and percentages.
3. Attach relevant workpapers or documents.
4. Add review notes or annotations to aid understanding.

Journal

A Journal records financial transactions in chronological order. It includes Narration, Account, Tax, Debit, Credit, and Status columns. Users can add, edit, delete, and export journals. The Journal(s) module is divided into two sections: Users Created Journals and Imported from Xero.

How to Access Journal

Step 1: Head over to the Job Dashboard after a successful login.

Step 2: Click on Journal(s) from the navigation menu.

1. Review journal, which can be filtered by status.
   
2. Add a new journal by clicking Add Journal.
   
3. Edit or delete existing journals as necessary.
4. Export journal to Excel for further analysis.
5. Send journal to Xero by selecting the Sent to Xero option.
   

Note: Imported journals from Xero can be viewed, filtered, and exported, but editing is not permitted.

By leveraging these powerful features in Tax Sorted, you can confidently navigate through your financials.

To learn more about the process, explore best practices, and make the most of our features, please visit our Knowledge Base. Contact our Support team if you need any assistance.

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