Reports and financial statements ================================ Falcon does not store reports. Each one is worked out from the posted entries the moment you open it. [0:04] Profit and loss Profit and loss for the year so far: what came in, what it cost, and what is left. [0:10] Balance sheet The balance sheet: what the business owns and owes on a date, and the two sides always agree. [0:17] Trial balance, and down to the voucher The trial balance lists every ledger. Any figure opens the ledger behind it. Each line in the ledger is a voucher you can open — the bill, the date, who it was with. Debits and credits, balanced, posted once and never edited: a correction is a new entry that reverses it. Falcon. Start free. This video has no sound. Every word of it is in the captions and in this transcript.