The financial statements
How TeeTax assembles the balance sheet, income statement and deficit, and how to customize the presentation.
The Financial statements page shows the three statements generated from the trial balance and the accepted adjustments: the balance sheet, the income statement and the statement of deficit (or retained earnings). Each line is the total of the accounts classified in its category.
- Balance sheet: current assets, capital assets, liabilities, equity. Each line can carry a note reference, e.g. (note 3).
- Income statement: revenue, cost of sales, operating expenses, income before taxes, income taxes.
- Deficit / retained earnings: opening balance, net income (loss) for the year, dividends, closing balance.
The comparative year
If the client has a prior year in TeeTax, the comparative column appears automatically next to the current year, as the standards require.
Customize the presentation
- 1Group accounts under one statement line from the Trial balance page (groupings).
- 2Rename a line or adjust the order as needed.
- 3Link notes to balance sheet lines: see The notes (CSRS 4200).
If a figure looks wrong, first check the category of the accounts involved on the Trial balance page: a misclassified account lands on the wrong line.