Generating Financial Reports

RightOffs provides reporting tools to help you understand your finances and prepare for tax filing.

Available Reports

Profit & Loss Report

The main report for tax purposes:

• All business income and expenses
• Organized by IRS Schedule C categories
• Monthly and yearly breakdowns
• Net profit/loss calculation

Your business name (set during initial setup) appears on the report header.

Summary Cards

The Reports page shows at-a-glance summaries:

• Total income for the year
• Total expenses for the year
• Potential deductions
• Monthly breakdowns with charts

Generating a Report

From the Reports Page

1. Navigate to Reports from the sidebar
2. Select the year you want to report on
3. View your Profit & Loss breakdown
4. Click Download PDF to export

Export Options

• PDF: Professional format ready to share with your accountant
• View in-app for quick reference

Understanding Your P&L Report

Income Section

Shows all transactions classified as business income:

• Revenue from clients
• Sales income
• Other business income

Expense Section

Organized by IRS Schedule C categories:

• Advertising
• Car and Truck Expenses
• Insurance
• Legal and Professional Services
• Office Expense
• Rent or Lease
• Travel
• Meals (50% deductible)
• Utilities
• Other Expenses

Net Profit/Loss

Calculated as: Total Income - Total Expenses

This is the amount you'll report on your tax return (Schedule C for sole proprietors).

Preparing Reports for Your Accountant

What to Provide

1. Profit & Loss PDF: Download from the Reports page
2. Transaction details: Available in the Transactions view
3. Receipt documentation: Keep organized for audit support

Tips for Clean Reports

• Make sure all transactions are classified
• Review "Unclassified" transactions before generating
• Add notes to unusual expenses
• Verify income is complete

Best Practices

Regular Review

• Check your reports monthly
• Review categorizations before tax season
• Export reports quarterly for your records

Before Tax Filing

• Ensure all bank accounts are synced
• Classify all remaining transactions
• Review the P&L for accuracy
• Share with your accountant early

Troubleshooting

Report Shows Wrong Numbers

• Check that transactions are classified correctly
• Verify the date range/year selected
• Make sure income and expenses are properly categorized

Missing Transactions

• Ensure bank connections are active
• Check if transactions are marked as "Personal"
• Add missing items as manual transactions

Next Steps

• Managing Transactions
• Receipt Management
• Year-End Tax Preparation