Other Accounting Reports

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Previous lesson: Cash Flow Statement Example 
Next lesson: What is Inventory?

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There are various other accounting reports (besides the four types of financial statements) that a bookkeeper or accountant can produce, that allow for greater control over a business and its activities.

Debtor's Analysis

The debtor’s analysis indicates the value and age of each of the debts owed to your business. The debtor’s analysis should reveal who are one’s biggest or oldest debtors (accounts receivable) at a glance.

Here is a sample debtor's analysis:

Most businesses allow 30 days of credit for a debtor to pay. The "current" column would reflect accounts that are less than 30 days old (i.e. debts incurred within the current month). All other debts are past due and would need to be followed up. Debts of "60 days" or "90+ days" are seriously overdue.

The debtor's analysis should be compared to the debtors control account (in the general ledger) and to the total of the individual debtor T-accounts in the debtors ledger.

In the same way that a debtor's analysis shows the oldest debts owed to one's business, a creditor’s analysis can quickly reveal to whom one’s oldest debts are owed.

This creditor's analysis should be compared to the creditor’s control account (in the general ledger) and to the total of the creditor T-accounts in the creditors ledger.

Creditors should generally be paid by age – i.e. pay the oldest ones first.

Asset Register

An asset register is a list of every asset in the business as well as details regarding each of the assets.

The asset numbers are unique codes or tags to identify each asset.

The carrying amount of an asset is the amount at which we carry it in the accounting books – in other words, our current estimated value for the asset.

The carrying amount is often different to the original cost price of a non-current (long-term) asset due to depreciation - the decrease in the value of an asset over time.

The carrying amounts in the asset register can be compared to the balances of non-current asset accounts in the ledger. The values of these assets in the asset register (carrying amounts) should correspond with the balances of the T-accounts for these same assets. In other words, if the asset register, for example, shows three machines worth $30,000 each, then the machinery accounts in the general ledger should show a total carrying amount of $90,000.

Other details can be included in the asset register, such as the location of each asset, the estimated remaining useful life of the asset (for example, you expect your computer to last another 3 years before needing to replace it), whether the asset is insured or not, and who the asset’s insurer is.

Stock-Holding List / Inventory List

Another list that should be regularly compiled is a stock-holding list or inventory list, which is a list of all the stock or inventory that your business holds (i.e. goods held for sale), including types of stock and their respective values. 

Like the asset register, the stock-holding or inventory list could also include an individual code for each inventory item, as well as any details the business may want to keep in its records such as the year, make, model or color of the inventory item.

And like the asset register, the values of the assets in the stock-holding list should also be regularly compared to the total of the inventory T-account.

Conclusion

There are actually various types of accounting reports and accounting lists one can prepare in addition to the ones listed above.

For example, one can prepare a list of cash or bank types (such as different bank account balances, petty cash, etc.). The bank T-account could then be regularly reconciled to this list of accounts at the bank.

But the reports highlighted above are common reports used within a business.

These reports provide an accountant or manager with useful information about a business's operations. Regular comparisons of these reports to your ledger accounts also allows one to quickly recognize and rectify any errors, omissions and problems.

Test Yourself!

Before you start, I would recommend to time yourself to make sure that you not only get the questions right but are completing them at the right speed.

Difficulty Rating:
Beginner

Quiz length: 
6 questions

Time limit:
7 minutes

Important: The solution sheet on the following page only shows the solutions and not whether you got each of the questions right or wrong. So before you start, get yourself a piece of paper and a pen to write down your answers. Once you're done with the quiz and writing down your answers, click the Check Your Answers button at the bottom and you'll be taken to our page of solutions.

Good luck!

This Form cannot be submitted until the missing fields (labelled below in red) have been filled in
Other Accounting Reports Mini Quiz:
Please note that all fields followed by an asterisk must be filled in.
1. True or false: Debts that have not been paid on time are referred to as "past due." *
a) True b) False
2. True or false: The carrying amount of a non-current asset at any point is its original cost price. *
a) True b) False
3. Which accounting report lists the carrying amounts for assets that your business holds? *
a) Asset register. b) Debtor's analysis. c) Stock-holding list. d) None of the above.
4. Which accounting report lists the inventory that your business holds, including types of inventory and their respective values? *
a) Asset register. b) Debtor's analysis. c) Stock-holding list. d) None of the above.
5. Which accounting report shows the value and age of debts owed to one's business? *
a) Asset register. b) Debtor's analysis. c) Stock-holding list. d) None of the above.
6. Which of the following information can the asset register include? *
a) The location of each asset. b) The estimated useful life of each asset. c) Insurance details for each asset. d) All of the above. e) None of the above.
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That's it for our tutorial on other accounting reports.

What did you think of this lesson? Do you have any questions on the topic or on related topics? If so, have your say by adding a comment at the bottom of the page.

If you feel good up to this point, please continue on to the next chapter on this site, where we'll cover trading businesses and inventory. 

Return from Other Accounting Reports to The Four Types of Financial Statements 

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Previous lesson: Cash Flow Statement Example 
Next lesson: What is Inventory?

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