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Trial balance, profit and loss, balance sheet, tax

The four statements built from your ledger: what each adds up, and what to check before you hand them to your accountant.

3 min read Updated 19 Oct 2026 On plans with Accounting

Names like these, in green, are pages inside your ArmPOS shop. Sign in to your shop to open them.

By the end you will know the four statements under Accounting: what each one adds up, and what to check before you hand them to your accountant.

These statements are built from the ledger's posted journal entries only. See The chart of accounts and journal entries for what reaches the ledger and what doesn't. For your shop's everyday profit, Reports › Profit and Loss works from your sales, purchases and expenses directly.

All four are under Accounting in the sidebar. Each has a date range: pick From and To, then Apply or Refresh.

Trial Balance

Trial Balance lists each ledger account with the total of its Debit and Credit lines in the period. The two totals at the bottom must be equal. Type shows one kind of account only.

Trial Balance for 16/10/2026 to 19/10/2026: Code, Name, Type, Debit and Credit for Cash, Accounts Receivable, Inventory, Accounts Payable, Owner's capital, Sales Revenue, Sales Returns and Expenses, a first row without a code, and a Total of 1,357.36 on both sides.
Equal totals mean every entry balanced. The row without a code holds expenses paid from no account.

An expense recorded without an account has nowhere to take the money from, so its other half shows in a row without a code. Choose an account on expenses to avoid it. The Total row adds up the page you see: show All rows if you have more than 10 accounts.

Profit & Loss

Profit & Loss sets your Income accounts against your Expense accounts for the period and gives the Net Profit.

Profit & Loss for 16/10/2026 to 19/10/2026: Income 421.05, Expense 35.00 and Net Profit 386.05, then Sales Revenue 421.05, Sales Returns -17.98 and Expenses 35.00, Total Income, Total Expense and Net Profit.
Check the Sales Returns line: today the totals leave it out, so take it off yourself.

Two things to know before you rely on it:

  • Sales Returns shows as a minus line but isn't taken off Total Income and Net Profit yet. Subtract it yourself.
  • The cost of the goods you sold isn't in the ledger, so this net profit is before that cost. Reports › Profit and Loss takes it off.

Balance Sheet

Balance Sheet adds up your Assets, Liabilities and Equity on a day: pick it in As of and click Refresh. Check shows Assets minus Liabilities and Equity.

Balance Sheet: As of and Refresh, then Assets 1,390.84, Liabilities 430.16, Equity 100.00, and Check 860.68 in an orange box.
Check isn't zero here: the profit made so far isn't added to equity on this page.

This page doesn't add the profit made so far to equity, so Check shows roughly that profit rather than 0.

Tax Summary Report

Tax Summary Report works from your sales and purchases themselves, not the ledger:

  • Sales Tax (Output Tax): Total Sales, minus Sale Returns, gives Net Sales and the Output Tax you charged.
  • Purchase Tax (Input Tax): the same for what you bought, with the Input Tax you paid.
  • Net Tax: output tax minus input tax, either Tax payable to authorities or Tax refund expected.
Tax Summary Report for 16/10/2026 to 19/10/2026: Sales Tax (Output Tax) with Total Sales 421.05, Sale Returns -17.98, Net Sales 403.07 and Output Tax 0.00; Purchase Tax (Input Tax) with Total Purchases 430.16, Purchase Returns -11.64, Net Purchases 418.52 and Input Tax 0.00; and Net Tax 0.00, Tax payable to authorities.
Tax comes from each sale's and purchase's order tax. Pending sales aren't counted.

It opens on the current month. It counts the order tax on each sale and purchase, and leaves out pending ones.

What's next

Correct the ledger with your own entries: The chart of accounts and journal entries.

Still stuck?

Write to us and a person answers. If you already have a shop, Ask support inside it sends us the page you're on.

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