What monthly reports are necessary?

[JoAn]

What monthly reports should I print each month, once all the accounts have been reconciled?
I changed back a past month to finish the reconcilliation. When I switch back to the currant month, I'm asked if I want to print reports, - but sometimes the reports that listed are for a different than the one I just finished?? What reports should be printed each month/ quarter/ yearly?

Thanks

[dringstrom]

This is a very subjective question. Some users don't print any reports at all, others print a full suite of reports. If you're able to print the reports that you need on demand from Peachtree, simply click No when prompted. If the reports it offers to print aren't of benefit to you, then save the trees. As long as you keep your data backed up on a regular basis, you can reprint reports when needed.

[lustbergcpa]

I would not worry about printing reports when the system prompts you when you are changing periods. However, I would definitely print out financial reports each month (period).

I would recommend a Balance Sheet, Income Statement, General Ledger and Bank reconciliation at a minimum. You can print a hardcopy or to a PDF file.

If you ever lost your data, you could recreate your General Ledger. I know you can achieve this through backup procedures. The most compelling reason is to be able to substantiate each months financial statements.

It is too easy to delete or change items that effect a prior period. You may send the bank a financial statement for March. Someone else may require financial statements for the same month six months later. What if you changed data that effects that month. You run the risk of giving out two different versions of data for the same month.

This is especially important when you are using December YTD info to prepare income tax returns. You want to know exactly where the data came from to substantiate the return. If you mistakenly changed those figures in future periods, you will want to know where to correct these items.

[JoAn]

Thank you -
Just trying to save a tree and still have the information necessary, for IRS, Banks, etc. Printing the financials will do just fine - Thanks again for being a little more detailed for me.