Financial Statements

Generate Financial Statements Automatically — Balance Sheet, Income Statement & Trial Balance

Real-time financial reports powered by your general ledger. No manual spreadsheets, no month-end closing — just accurate numbers when you need them.

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Three Core Financial Statements

Every statement is generated automatically from your double-entry general ledger — always balanced, always current

Balance Sheet

A snapshot of your business at any point in time. See exactly what you own, what you owe, and your net worth. iBill organizes your balance sheet into three sections with proper account groupings, including contra-accounts that reduce parent balances for accurate reporting.

Assets (1000-series) — what your business owns

1200 Bank 1100 Accounts Receivable 1600 Capital Assets 1610 Accum. Depreciation 1110 Allowance for Doubtful

Liabilities (2000-series) — what your business owes

2110 GST/HST Payable 2220 PST Payable 2230 QST Payable 2400 Unearned Revenue

Equity (3000-series) — your ownership stake

3000 Owner's Equity 3200 Retained Earnings 3100 Owner Draws

Income Statement (Profit & Loss)

See how your business performed over any period. Revenue minus expenses equals your bottom line. iBill displays revenue on the accrual basis — recognized at invoice date, including sent and unpaid invoices — so you see billed work in real time alongside collected cash.

Revenue (4000-series) — income recognized at invoice date (accrual)

Expenses (5000-7000 series) — cost of goods sold, operating expenses, vehicle costs, depreciation

Shows gross profit, total operating expenses, and net income for any date range you choose. Compare month-over-month or year-over-year to track your business trajectory.

Trial Balance

The trial balance lists every account in your chart of accounts with its current debit or credit balance. It verifies that total debits equal total credits across your entire general ledger — the fundamental check that your books are in balance.

If debits and credits do not match, you know there is an entry error to investigate before it compounds into larger discrepancies. Run a trial balance at any time to confirm your books are clean and audit-ready.

Why Financial Statements Matter

Your financial statements are more than just numbers — they are decision-making tools

CRA Audit Readiness

Have your books in order before CRA asks. Accurate financial statements backed by journal entries provide a clear audit trail that satisfies CRA requirements.

Bank Loan Applications

Lenders require current financial statements to assess creditworthiness. Generate a balance sheet and income statement on demand for any lending institution.

Business Valuation

Know what your business is worth. Financial statements provide the foundation for valuation, whether you are planning to sell, seek investors, or measure growth.

Tax Planning

Optimize deductions and timing with clear financial data. See your income and expenses in real time so you can make informed decisions before year-end.

Key Capabilities

Powerful reporting tools that work automatically — no accounting degree required

Real-Time Generation

No month-end close needed. Your financial statements are always current, reflecting every journal entry the moment it is recorded in your general ledger.

Date Range Filtering

Generate statements for any period — monthly, quarterly, annual, or custom. Pick the exact date range that matches your reporting needs.

Drill-Down Detail

Click any line item on your balance sheet or income statement to see the underlying journal entries. Trace every dollar back to its source transaction.

Export to PDF / Excel

Share professional financial statements with your accountant, bank, or business partners. Export to PDF for formal submissions or Excel for further analysis.

Comparative Periods

View two periods side by side to spot trends. Compare this quarter versus last quarter, or this year versus last year, to measure progress at a glance.

CCA Integration

Capital cost allowance depreciation is automatically reflected in your financial statements. Asset values, accumulated depreciation, and expense impact — all in sync.

See Your Financial Picture in Real Time

Balance sheet, income statement, and trial balance — generated automatically from your general ledger. Always accurate, always

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Financial Statements FAQs

What financial statements does iBill generate?

iBill generates three core financial statements: Balance Sheet (assets, liabilities, and equity at a point in time), Income Statement (revenue minus expenses over a period), and Trial Balance (verification that all debits equal credits). All three are generated automatically from your double-entry general ledger.

Are iBill financial statements CRA-ready?

Yes. iBill's financial statements are generated from double-entry journal entries with full audit trails. They follow Canadian accounting standards and can be used for CRA reporting, bank loan applications, and business valuation.

Can I generate statements for any date range?

Yes. You can generate financial statements for any custom date range — monthly, quarterly, annually, or any period you choose. Compare periods side by side to track business performance over time.

What basis does iBill's income statement use?

iBill displays revenue on the accrual basis — recognized at the invoice date, including sent and unpaid invoices. Sales tax timing follows the Excise Tax Act s.168 rule (earlier of invoice date or payment date). Your tax preparer determines which filing basis (cash or accrual) applies to your tax filing.

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Know Your Numbers — Without the Accounting Degree

Trusted by Canadian businesses using iBill's financial reporting tools.