The Reports module in TRUE Accounting provides comprehensive financial reporting capabilities, generating essential documents for financial statement packages, banking reviews, and internal audits. Reports pull live data from the general ledger and subledger records, ensuring every number on a balance sheet or income statement can be traced back to supporting journal entries. The module is specifically designed for commercial subcontractors, featuring unique retention tracking on AR aging reports that eliminates manual calculations.
Subledger Reconciliation: Every number on a Balance Sheet or Income Statement in TRUE can be backed up or cross-referenced to a subledger report. At no point should any number on a core financial worksheet be unqualified - TRUE provides complete audit trail capability.
Core Financial Statements
Balance Sheet, Income Statement, Profit & Loss, and Trial Balance reports
AR/AP Aging Reports
Aged Receivables and Payables with standard aging buckets and detail views
Retention Tracking
Automatic retention column on AR aging - unique for commercial subcontractors
Period-Based Reporting
Run reports by accounting period or custom date ranges
PDF Export
Generate downloadable PDF reports for distribution and record-keeping
Complete Audit Trail
Every financial statement number reconciles to subledger journal entries
Available Financial Reports
Overview of all reports available in the TRUE Accounting Reports module
Report Name
Purpose
Common Usage
Aged Payables
Displays all unpaid Bills with aging buckets (1-30, 31-60, 61-90, 90+ days)
Monitor outstanding vendor payments and cash flow planning
Aged Receivables Summary
Shows unpaid Invoices consolidated by Client with aging buckets
Quick overview of customer balances and collection priorities
Aged Receivables Detail
Lists all unpaid Invoices with individual invoice details and retention tracking
Detailed customer payment tracking, retention visibility, and collections
Balance Sheet
Shows all Asset, Liability, and Equity ledger accounts with balances by period
Company "health" report for financial statement packages
Income Statement
Displays Revenue, Expenses, and Cost of Goods Sold by accounting period
Monthly, semiannual, and annual financial statement packages
Profit & Loss Statement
Raw revenue and expenditure data without categorization - two-column format
Internal review before generating formal financial packages
Trial Balance Detail
Breakdown of every ledger account with all subledger journal entries
Banking reviews, internal audits, and financial package preparation
Cash Flows
Shows cash inflows and outflows categorized by operating, investing, and financing activities
Cash management and financial statement packages
AR Retention Tracking
Unique feature for commercial subcontractors - automatic retention column on AR aging reports
TRUE's Aged Receivables Detail report includes a unique retention column not found in most accounting systems. Because TRUE is built specifically for commercial subcontractors, the system automatically tracks retainage held by clients and displays it separately from the receivable amount.
Why This Matters: AR amounts on the report match what your GC or owner will actually pay you, while retention is tracked separately. No more drilling down contract by contract, invoice by invoice to calculate total retention - TRUE shows the total at a glance.
AR Aging Report Structure
Column
Description
Standard Aging Buckets
1-30 days, 31-60 days, 61-90 days, 90+ days - standard aging categorization
AR Amount
Receivable amount excluding retention - matches what the client will pay
Retention
Retainage held by client based on contract retention percentage
Total + Retention
Full invoice amount including retained portion
Example: Invoice with 10% Retainage
Invoice Amount
AR Amount (Report)
Retention (Report)
Total + Retention
$100,000
$90,000
$10,000
$100,000
The Total Retention across all clients and all open invoices appears at the bottom right corner of the Aged Receivables Detail report. This number matches the Accounts Receivable Retention figure on your Balance Sheet because retention is tracked as an asset account.
Balance Sheet Reconciliation: The total retention shown on your AR aging report will match the Accounts Receivable - Retention asset account on your Balance Sheet. This ensures complete subledger to financial statement reconciliation.
Generating Reports
Step-by-step instructions for running financial reports
Standard Report Generation Process
Navigate to the Financial workflow
Select the Reports tab
From the report list, click View next to the desired report
Set the Reporting Period (this becomes the "As of Date" for the report)
Click Done to generate the report
Use the Print button to export to PDF
Accessing Reports from Other Locations
Quick Actions Menu
Click the lightning bolt icon at the top right of any page and select Reports from the dropdown menu.
Module PDF Icons
Many modules (Jobs, Equipment, etc.) have a PDF icon in the list view that provides access to module-specific reports.
Custom Reports
Look for a light blue button in the upper right corner of the Reports module to access custom report options.
Frequently Asked Questions
Common questions about generating and understanding financial reports
Report Generation
All financial reports follow a similar generation process from the Reports module.
Navigate to Financial workflow
Select the Reports tab
Locate the desired report in the list
Click View next to the report name
Set the Reporting Period (becomes the "As of Date")
Click Done to generate
After generating a report, you can export it to PDF for distribution or record-keeping.
Generate the report using the steps above
Once the report displays, locate the Print button in the upper right corner
Click Print to generate the PDF
The PDF will download or open in a new browser tab depending on your settings
TRUE Accounting reports fall into two categories based on how they organize data.
Period-Based Reports:
Balance Sheet - Shows account balances as of end of period
Income Statement - Shows revenue/expenses for the period
Trial Balance - Shows all account balances by period
Date-Based Reports:
Aged Receivables - Shows invoices by age from transaction date
Aged Payables - Shows bills by age from transaction date
Note: For accurate reporting, ensure journal entry dates align with their posting periods. This maintains consistency between period-based and date-based report views.
AR Retention & Aging
TRUE's Aged Receivables Detail report automatically separates retention from the receivable amount, a feature designed specifically for commercial subcontractors.
The report displays three key columns for each invoice:
AR Amount - The receivable amount excluding retention (what the GC/owner will pay)
Retention - The retainage held back based on contract percentage
Total + Retention - The full invoice amount
Example: A $100,000 invoice with 10% retainage shows $90,000 in AR Amount, $10,000 in Retention, and $100,000 in Total + Retention.
TRUE automatically calculates total retention across all clients and displays it on the Aged Receivables Detail report.
Navigate to Financial → Reports
Select Aged Receivables Detail
Set your reporting period and click Done
Scroll to the bottom right corner of the report
The Total Retention amount shows retention across all clients and all open invoices
Tip: This total retention figure matches the Accounts Receivable - Retention asset account on your Balance Sheet, providing complete subledger to financial statement reconciliation.
Understanding this distinction is crucial for cash flow management and collections.
Column
What It Represents
Use For
AR Amount
Amount the client will pay now (excluding held retention)
Cash flow forecasting, payment expectations
Retention
Amount held back per contract terms (typically released at project completion)
Future cash planning, retention release tracking
Total + Retention
Full invoice value including all retention
Contract value tracking, total receivables
When a payment arrives from the client, it should match the AR Amount column. The Retention amount remains on the report until released per contract terms.
Financial Statements
Every number on a Balance Sheet or Income Statement in TRUE can be traced back to supporting journal entries through subledger reports.
Trial Balance Detail - Shows every ledger account with all journal entries that comprise the balance
G/L Module - Filter by specific account to see all contributing transactions
Subledger Reports - AR Aging matches AR accounts, AP Aging matches AP accounts
Audit Ready: At no point should any number on a core financial worksheet be unqualified. TRUE allows you to drill down from any financial statement figure to the underlying journal entries.
Both reports show revenue and expenses, but they differ in presentation and intended use.
Report
Format
Best Used For
Income Statement
Categorized by account type with subtotals for Revenue, Expenses, and COGS
