Financial Reports
Master NetSuite's core financial statements for accurate financial analysis and compliance.
Financial Report Types
FINANCIAL REPORTING HIERARCHY
═══════════════════════════════════════════════════════════════════════════════
┌─────────────────────────┐
│ FINANCIAL REPORTS │
└───────────┬─────────────┘
│
┌───────────────┬───────────────┼───────────────┬───────────────┐
│ │ │ │ │
▼ ▼ ▼ ▼ ▼
┌─────────┐ ┌───────────┐ ┌───────────┐ ┌───────────┐ ┌───────────┐
│ INCOME │ │ BALANCE │ │ CASH │ │ TRIAL │ │ BUDGET │
│STATEMENT│ │ SHEET │ │ FLOW │ │ BALANCE │ │ vs ACTUAL │
├─────────┤ ├───────────┤ ├───────────┤ ├───────────┤ ├───────────┤
│Revenue │ │ Assets │ │ Operating │ │ All │ │ Variance │
│Expenses │ │ Liabilit. │ │ Investing │ │ Accounts │ │ Analysis │
│Net Inc. │ │ Equity │ │ Financing │ │ Debits=Cr │ │ │
└─────────┘ └───────────┘ └───────────┘ └───────────┘ └───────────┘
Income Statement (P&L)
Overview
The Income Statement shows profitability over a period - revenues minus expenses equals net income.
Navigation: Reports → Financial → Income Statement
Report Structure
INCOME STATEMENT LAYOUT
═══════════════════════════════════════════════════════════════════════════════
┌─────────────────────────────────────────────────────────────────────────────┐
│ INCOME STATEMENT │
│ For Period Ending Dec 2024 │
├─────────────────────────────────────────────────────────────────────────────┤
│ │
│ REVENUE │
│ ├── Product Sales $1,250,000 │
│ ├── Service Revenue $450,000 │
│ ├── Other Income $25,000 │
│ └── Sales Returns & Allowances ($45,000) │
│ ──────────────────────────────────────────────────────── │
│ TOTAL REVENUE $1,680,000 │
│ │
│ COST OF GOODS SOLD │
│ ├── Cost of Products Sold $625,000 │
│ ├── Cost of Services $180,000 │
│ └── Freight & Shipping $35,000 │
│ ──────────────────────────────────────────────────────── │
│ TOTAL COGS $840,000 │
│ │
│ ════════════════════════════════════════════════════════ │
│ GROSS PROFIT $840,000 50.0% │
│ ════════════════════════════════════════════════════════ │
│ │
│ OPERATING EXPENSES │
│ ├── Salaries & Wages $320,000 │
│ ├── Rent & Facilities $85,000 │
│ ├── Marketing & Advertising $65,000 │
│ ├── Professional Services $45,000 │
│ └── Other Operating Expenses $75,000 │
│ ──────────────────────────────────────────────────────── │
│ TOTAL OPERATING EXPENSES $590,000 │
│ │
│ ════════════════════════════════════════════════════════ │
│ OPERATING INCOME $250,000 14.9% │
│ ════════════════════════════════════════════════════════ │
│ │
│ OTHER INCOME/EXPENSE │
│ ├── Interest Income $5,000 │
│ ├── Interest Expense ($15,000) │
│ └── FX Gain/Loss ($3,000) │
│ ──────────────────────────────────────────────────────── │
│ TOTAL OTHER ($13,000) │
│ │
│ ════════════════════════════════════════════════════════ │
│ NET INCOME BEFORE TAX $237,000 14.1% │
│ Income Tax Expense $59,250 │
│ ──────────────────────────────────────────────────────── │
│ NET INCOME $177,750 10.6% │
│ ════════════════════════════════════════════════════════ │
│ │
└─────────────────────────────────────────────────────────────────────────────┘
Key Filters
| Filter | Options | Use Case |
|---|---|---|
| Period | Month, Quarter, Year, Custom | Standard reporting periods |
| Subsidiary | All, Specific | OneWorld companies |
| Department | All, Specific | Departmental P&L |
| Class | All, Specific | Product line analysis |
| Location | All, Specific | Regional P&L |
Comparison Options
| Comparison | Description |
|---|---|
| Prior Period | Compare to previous month/quarter |
| Same Period Last Year | Year-over-year comparison |
| Budget | Actual vs budgeted amounts |
| Forecast | Actual vs forecasted amounts |
SuiteQL Query
-- Income Statement by Account Category
SELECT
a.acctnumber AS account_number,
a.accountsearchdisplayname AS account_name,
a.accttype,
ap.periodname,
SUM(tal.amount) * -1 AS amount -- Flip sign for income/expense
FROM
transactionaccountingline tal
JOIN
account a ON tal.account = a.id
JOIN
transaction t ON tal.transaction = t.id
JOIN
accountingperiod ap ON t.postingperiod = ap.id
WHERE
a.accttype IN ('Income', 'COGS', 'Expense', 'OthIncome', 'OthExpense')
AND ap.periodname = 'Dec 2024'
GROUP BY
a.acctnumber,
a.accountsearchdisplayname,
a.accttype,
ap.periodname
ORDER BY
a.accttype, a.acctnumber
Balance Sheet
Overview
The Balance Sheet shows financial position at a point in time - Assets = Liabilities + Equity.
Navigation: Reports → Financial → Balance Sheet
Report Structure
BALANCE SHEET LAYOUT
═══════════════════════════════════════════════════════════════════════════════
┌─────────────────────────────────────────────────────────────────────────────┐
│ BALANCE SHEET │
│ As of December 31, 2024 │
├─────────────────────────────────────────────────────────────────────────────┤
│ │
│ ASSETS │
│ ──────────────────────────────────────────────────────── │
│ Current Assets │
│ ├── Cash & Cash Equivalents $485,000 │
│ ├── Accounts Receivable $892,000 │
│ ├── Inventory $567,000 │
│ ├── Prepaid Expenses $45,000 │
│ └── Other Current Assets $23,000 │
│ ──────────────────────────────────────────────────────── │
│ Total Current Assets $2,012,000 │
│ │
│ Fixed Assets │
│ ├── Property & Equipment $750,000 │
│ ├── Accumulated Depreciation ($225,000) │
│ └── Intangible Assets $120,000 │
│ ──────────────────────────────────────────────────────── │
│ Total Fixed Assets $645,000 │
│ │
│ ════════════════════════════════════════════════════════ │
│ TOTAL ASSETS $2,657,000 │
│ ════════════════════════════════════════════════════════ │
│ │
│ LIABILITIES │
│ ──────────────────────────────────────────────────────── │
│ Current Liabilities │
│ ├── Accounts Payable $345,000 │
│ ├── Accrued Expenses $128,000 │
│ ├── Deferred Revenue $89,000 │
│ ├── Current Portion of Debt $50,000 │
│ └── Other Current Liabilities $34,000 │
│ ──────────────────────────────────────────────────────── │
│ Total Current Liabilities $646,000 │
│ │
│ Long-Term Liabilities │
│ ├── Long-Term Debt $350,000 │
│ └── Other Long-Term Liabilities $45,000 │
│ ──────────────────────────────────────────────────────── │
│ Total Long-Term Liabilities $395,000 │
│ │
│ ════════════════════════════════════════════════════════ │
│ TOTAL LIABILITIES $1,041,000 │
│ ════════════════════════════════════════════════════════ │
│ │
│ EQUITY │
│ ──────────────────────────────────────────────────────── │
│ ├── Common Stock $500,000 │
│ ├── Additional Paid-in Capital $250,000 │
│ ├── Retained Earnings $688,250 │
│ └── Current Year Earnings $177,750 │
│ ──────────────────────────────────────────────────────── │
│ TOTAL EQUITY $1,616,000 │
│ ════════════════════════════════════════════════════════ │
│ │
│ TOTAL LIABILITIES + EQUITY $2,657,000 ✓ Balanced │
│ ════════════════════════════════════════════════════════ │
│ │
└─────────────────────────────────────────────────────────────────────────────┘
Key Metrics from Balance Sheet
| Metric | Formula | Interpretation |
|---|---|---|
| Current Ratio | Current Assets / Current Liabilities | > 1.5 = Good liquidity |
| Quick Ratio | (Current Assets - Inventory) / Current Liabilities | > 1.0 = Strong |
| Debt-to-Equity | Total Liabilities / Total Equity | Lower = Less leveraged |
| Working Capital | Current Assets - Current Liabilities | Positive = Healthy |
Cash Flow Statement
Overview
The Cash Flow Statement tracks cash movements across operating, investing, and financing activities.
Navigation: Reports → Financial → Cash Flow Statement
Report Structure
CASH FLOW STATEMENT LAYOUT
═══════════════════════════════════════════════════════════════════════════════
┌─────────────────────────────────────────────────────────────────────────────┐
│ CASH FLOW STATEMENT │
│ For Year Ended December 31, 2024 │
├─────────────────────────────────────────────────────────────────────────────┤
│ │
│ OPERATING ACTIVITIES │
│ ──────────────────────────────────────────────────────── │
│ Net Income $177,750 │
│ │
│ Adjustments to reconcile: │
│ ├── Depreciation & Amortization $75,000 │
│ ├── (Increase) in Accounts Receivable ($125,000) │
│ ├── (Increase) in Inventory ($85,000) │
│ ├── Increase in Accounts Payable $65,000 │
│ └── Increase in Accrued Expenses $28,000 │
│ ──────────────────────────────────────────────────────── │
│ Net Cash from Operating Activities $135,750 │
│ │
│ INVESTING ACTIVITIES │
│ ──────────────────────────────────────────────────────── │
│ ├── Purchase of Equipment ($150,000) │
│ ├── Sale of Equipment $25,000 │
│ └── Purchase of Investments ($50,000) │
│ ──────────────────────────────────────────────────────── │
│ Net Cash from Investing Activities ($175,000) │
│ │
│ FINANCING ACTIVITIES │
│ ──────────────────────────────────────────────────────── │
│ ├── Proceeds from Long-Term Debt $100,000 │
│ ├── Repayment of Debt ($50,000) │
│ └── Dividends Paid ($75,000) │
│ ──────────────────────────────────────────────────────── │
│ Net Cash from Financing Activities ($25,000) │
│ │
│ ════════════════════════════════════════════════════════ │
│ NET CHANGE IN CASH ($64,250) │
│ ════════════════════════════════════════════════════════ │
│ │
│ Beginning Cash Balance $549,250 │
│ ──────────────────────────────────────────────────────── │
│ ENDING CASH BALANCE $485,000 │
│ ════════════════════════════════════════════════════════ │
│ │
└─────────────────────────────────────────────────────────────────────────────┘
Cash Flow Methods
| Method | Description | Best For |
|---|---|---|
| Direct | Lists actual cash receipts/payments | Detailed cash tracking |
| Indirect | Starts with Net Income, adjusts for non-cash | Standard financial reporting |
Trial Balance
Overview
The Trial Balance lists all accounts with their debit or credit balances, ensuring debits equal credits.
Navigation: Reports → Financial → Trial Balance
Report Types
| Type | Description | Use Case |
|---|---|---|
| Summary | Account totals only | Quick balance check |
| Detail | All transactions | Audit and reconciliation |
| Comparative | Multiple periods | Trend analysis |
Report Structure
TRIAL BALANCE LAYOUT
═══════════════════════════════════════════════════════════════════════════════
┌─────────────────────────────────────────────────────────────────────────────┐
│ TRIAL BALANCE │
│ As of December 31, 2024 │
├──────────┬────────────────────────────────────┬────────────┬────────────────┤
│ Account │ Account Name │ Debit │ Credit │
├──────────┼────────────────────────────────────┼────────────┼────────────────┤
│ 1000 │ Cash - Operating │ $485,000 │ │
│ 1100 │ Accounts Receivable │ $892,000 │ │
│ 1200 │ Inventory │ $567,000 │ │
│ 1300 │ Prepaid Expenses │ $45,000 │ │
│ 1500 │ Fixed Assets │ $750,000 │ │
│ 1510 │ Accumulated Depreciation │ │ $225,000 │
│ 2000 │ Accounts Payable │ │ $345,000 │
│ 2100 │ Accrued Liabilities │ │ $128,000 │
│ 2200 │ Deferred Revenue │ │ $89,000 │
│ 2500 │ Long-Term Debt │ │ $400,000 │
│ 3000 │ Common Stock │ │ $500,000 │
│ 3100 │ Retained Earnings │ │ $688,250 │
│ 4000 │ Product Revenue │ │ $1,250,000 │
│ 4100 │ Service Revenue │ │ $450,000 │
│ 5000 │ Cost of Goods Sold │ $840,000 │ │
│ 6000 │ Operating Expenses │ $590,000 │ │
│ ... │ ... │ ... │ ... │
├──────────┴────────────────────────────────────┼────────────┼────────────────┤
│ TOTALS │$4,075,250 │ $4,075,250 │
│ │ │ ✓ Balanced │
└───────────────────────────────────────────────┴────────────┴────────────────┘
SuiteQL Query
-- Trial Balance Query
SELECT
a.acctnumber AS account_number,
a.accountsearchdisplayname AS account_name,
a.accttype,
SUM(CASE WHEN tal.amount > 0 THEN tal.amount ELSE 0 END) AS debit,
SUM(CASE WHEN tal.amount < 0 THEN ABS(tal.amount) ELSE 0 END) AS credit,
SUM(tal.amount) AS balance
FROM
transactionaccountingline tal
JOIN
account a ON tal.account = a.id
JOIN
transaction t ON tal.transaction = t.id
WHERE
t.trandate <= '2024-12-31'
GROUP BY
a.acctnumber,
a.accountsearchdisplayname,
a.accttype
HAVING
SUM(tal.amount) <> 0
ORDER BY
a.acctnumber
Budget vs Actual
Overview
Compare actual financial performance against budgeted amounts.
Navigation: Reports → Financial → Budget vs Actual
Report Features
| Feature | Description |
|---|---|
| Variance Analysis | Shows $ and % difference |
| Multiple Budgets | Compare to different budget versions |
| Period Drill-Down | Monthly, quarterly, annual views |
| Department View | Budget by department/segment |
Variance Interpretation
VARIANCE ANALYSIS
═══════════════════════════════════════════════════════════════════════════════
Actual Budget Variance Var %
Revenue
├── Product Sales $1,250,000 $1,200,000 $50,000 4.2% ▲
├── Service Revenue $450,000 $500,000 ($50,000) -10.0% ▼
└── Total Revenue $1,700,000 $1,700,000 $0 0.0% ─
Expenses
├── Salaries $320,000 $310,000 ($10,000) -3.2% ▼
├── Marketing $65,000 $80,000 $15,000 18.8% ▲
└── Total Expenses $590,000 $600,000 $10,000 1.7% ▲
Legend:
▲ Favorable variance (higher revenue or lower expense)
▼ Unfavorable variance (lower revenue or higher expense)
─ On target
Financial Report Best Practices
Month-End Close Checklist
| Step | Report to Run | Purpose |
|---|---|---|
| 1 | Trial Balance | Verify debits = credits |
| 2 | Bank Reconciliation | Match bank to GL |
| 3 | AR Aging | Verify receivable balances |
| 4 | AP Aging | Verify payable balances |
| 5 | Inventory Valuation | Verify inventory balance |
| 6 | Income Statement | Review P&L |
| 7 | Balance Sheet | Verify assets = liab + equity |
Common Issues and Solutions
| Issue | Cause | Solution |
|---|---|---|
| Trial Balance Out | Unbalanced journal entry | Run GL Audit Report |
| P&L Wrong Period | Wrong posting period | Check transaction dates |
| Missing Transactions | Not posted | Run Pending Approval report |
| Subsidiary Mismatch | IC transactions | Run IC Reconciliation |
Next Steps
| Goal | Go To |
|---|---|
| Sales analytics | Sales Reports → |
| Inventory tracking | Inventory Reports → |
| AR/AP management | AR/AP Reports → |
| Tax compliance | Tax Reports → |
| Build custom reports | Custom Reports → |