Close Reports

A Close Report provides a comprehensive overview of your company's financial performance during a specific period. This includes reports such as Trial Balance, Revenue Waterfall, Deferred Revenue, Usage Waterfall, and more. In Rillet, you can generate and customize these reports to gain insights into your company's financial health.

To View a Close Report:

1. Go to Reporting > Close Reports.

2. Choose the type of Close Reports

   1. Trial Balance: Summarizes account balances at a specific time to ensure the general ledger is accurate. Details Included:

      • Account Name: The name of each account.

      • Beginning Balance: The account balance at the start of the period.

      • Debit/Credit: Transactions affecting the account during the period.

      • Ending Balance: The balance at the end of the period.

   2. Revenue Waterfall: Visualizes revenue over a period, showing recognized and unrecognized revenue.

      Details Included:

      • Total Bookings: The total revenue booked.

      • Recognized: Revenue recognized during the period.

      • Remaining: Revenue yet to be recognized.

   3. Deferred Revenue: Tracks revenue that has been received but not yet earned, making sure customer obligations are clear. Details Included:

      • Deferred: Amounts received and not yet recognized as revenue.

      • Unbilled: Revenue that has not yet been billed to customers.

   4. Usage Waterfall: Monitors service usage over time, offering insights into customer behavior. Details Included:

      • Monthly Usage: The amount of service used each month.

   5. Prepaid Schedule: Outlines prepaid expenses and their allocation over time to ensure accurate accounting. Details Included:

      • Expense Date: Date of the expense.

      • Start/End Date: Duration for which the expense is allocated.

      • Total Expense: Total amount prepaid.

   6. General Ledger: Provides a detailed summary of all transactions recorded in the general ledger. Details Included:

      • Account Entries: Detailed debit and credit transactions recorded over the selected period.

   7. 1099 Report: Summarizes payments to contractors and non-employees for tax compliance. Details Included:

      • Vendor Name: The recipient of the payment.

      • Transaction Details: Descriptions and amounts.

   8. Sales Tax Report: Details sales tax collected by jurisdiction, ensuring tax compliance. Details Included:

      • Country: Jurisdiction of the sales.

      • Transaction Details: Including transaction numbers, dates, and amounts.

   9. VAT Report: Tracks VAT transactions, broken down by type and amount for accurate reporting. Details Included:

      • VAT Types: Standard, reduced, zero-rated, and reverse charge revenues.

      • Transaction Details: Includes amounts and tax rates.

   10. Cash Reconciliation: Compares internal records with bank statements to identify discrepancies and ensure accuracy. Details Included:

       • Bank Transactions: Transactions recorded by the bank.

       • Internal Transactions: Your recorded transactions.

       • Discrepancies: Identifies any mismatches between the two records.

   11. Billing Forecast: Projects future billing cycles and revenue to aid financial planning. Details Included:

       • Total Bookings: Total revenue booked from customers.

       • Invoiced Amount: Amount billed to customers.

       • Remaining Amount: Unbilled revenue.

       • Monthly Billing: Expected billing per month for the upcoming periods.

         
3. Select the date range for which you wish to generate the report.

4. Click Export.

   

After generating the report, you will see a message saying, Report successfully generated, confirming that the report was completed correctly.